Soneri Bank shows interest in RBS <span class='TextClass'>[The News] 09 Feb, 2010</span>

KARACHI: Another Pakistani bank on Monday expressed desire to buy local operations of once-mighty Royal Bank of Scotland (RBS) which has been up for sale for a year.

Soneri Bank, which has 154 branches across the country, said it would seek approval of the regulator to proceed with due diligence of RBS.

A notification of Soneri Bank issued to the stock exchange said the board of directors on February 8 authorised the banks CEO, Safarali K Lakhani, to convey expression of interest to the RBS.

Soneri reported a profit of Rs116 million in the nine months to September 2009, lower than Rs716m made in the same period of previous year. It recently announced that it would issue right shares to raise the capital above existing Rs5 billion, which is below the minimum capital requirement (MCR) set by the central bank.

Analysts say since the State Bank of Pakistan (SBP) has extended the deadline to meet the MCR by few months, Soneri is now weighing the option of acquiring RBS, which will help in expanding the business besides raising the capital.

There is a possibility that they will start due diligence and find the acquisition more viable than injecting fresh equity, said Khurram Shahzad, Head of Research at InvestCap. Soneri may not necessarily buy the whole operation but arrange a consortium for the transaction. Last month, Faysal Bank also announced its interest in RBS after MCB failed to get SBPs nod for its earlier bid.

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