MCB Bank Ltd (MCB.KA), Pakistan's fourth largest bank by assets, said Wednesday it will acquire 99.37% of The Royal Bank of Scotland Group PLC (RBS)'s Pakistan assets for $87 million.

MAIN FACTS:

-MCB will initially acquire 1.7 billion of ordinary shares or 99.37% stake in RBS Pakistan from ABN Amro Bank N.V., a subsidiary of The Royal Bank of Scotland.

-MCB will also make tender offer for remaining 0.63% of ordinary shares not owned by majority shareholder.

-As MCB will fund transaction entirely through internally generated cash resources, it is not contingent on any external fund raising.

-Proposed acquisition conditional upon necessary regulatory and other approvals.

 
-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com