British lender RBS agrees to sell Pakistan unit

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State-rescued Royal Bank of Scotland said on Wednesday that it had agreed to sell its Pakistan division to Faysal Bank for around 41 million euros (50 million dollars).

RBS said in a statement that it "has reached agreement for the sale of its 99.37-percent holding in RBS Pakistan to Faysal Bank Limited for a total consideration of 41 million euros".

The group, which is 83-percent owned by the British government after an enormous bailout, added that the deal was expected to complete in third quarter.

RBS had agreed in August 2009 to sell its Pakistan operations to MCB Bank for 87 million dollars, but the agreement lapsed in January after MCB did not manage to gain regulatory approvals.

© 2010 AFP

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