Soneri Bank Expresses Interest In Pakistan Operations Of RBS

Pakistan's Soneri Bank Ltd. (SNBL.KA) Monday expressed interest in acquiring the local operations of Royal Bank of Scotland Group PLC (RBS).

The board of directors has decided to place an expression of interest on behalf of the bank to acquire a controlling stake in RBS Pakistan, Soneri Bank said in a notice to the Karachi Stock Exchange.

Soneri Bank will seek the approval of the State Bank of Pakistan to proceed with due diligence of RBS Pakistan, its statement added.

Pakistan's Faysal Bank Ltd. (FABL.KA) and Egypt-based EFG Hermes Holding S.A.E. (HRHO.CI) have already expressed their interest in acquiring RBS Pakistan.

Royal Bank of Scotland Group in January restarted the process for the proposed sale of its operations in Pakistan. This is the second attempt by RBS to sell its 99.37% ownership interest in RBS Pakistan after a deal by MCB Bank Ltd. (MCB.KA) to acquire the operations lapsed earlier as the latter couldn't receive some regulatory clearances.

The proposed sale is part of RBS' three- to five-year plan to sell non-core assets.

It had identified its Asia assets, as well as a number of businesses related to the loss-making global banking and markets unit, for sale.

-By Haris Zamir, contributing to Dow Jones Newswires; [phone]; [e-mail]