Trading in RBS shares to be suspended Dec 31

State Bank’s approval of RBS-Faysal merger expected soon.

KARACHI: The Royal Bank of Scotland (RBS) has asked the Karachi Stock Exchange (KSE) to suspend trading in its shares from December 31 and allow only spot trading on December 30.

Share transfer books of the bank will be closed from January 1 for this purpose. Earlier, shareholders of Faysal Bank and RBS had approved the scheme of amalgamation in their extraordinary general meetings held on November 10 and 11 respectively.

“In this regard, we have already applied to the State Bank for approval of the scheme of amalgamation, whereby RBS Pakistan will be merged with and into Faysal Bank. We anticipate receiving today (Wednesday), the approval of SBP to merge RBS with and into Faysal Bank with effect from December 31 post-working hours,” said the RBS in a communication to the KSE.

“Under the scheme, the entire undertaking of RBS including all moveable, immovable properties, assets and liabilities and all rights and obligations shall be amalgamated with and into Faysal Bank and RBS would stand dissolved without winding up,” the statement said.

Published in The Express Tribune, December 30^th, 2010.