Royal Bank of Scotland Group PLC (RBS,RBS.L) said the Share Purchase Agreement signed between the Royal Bank of Scotland Group plc, or RBSG, and MCB Bank Limited lapsed.
On 12 August 2009 Royal Bank of Scotland Group plc announced that it had reached an agreement in principle for the sale of its 99.37% holding in The Royal Bank of Scotland Limited, or RBS Pakistan, to MCB Bank Limited.
The agreement with MCB provided that if the necessary Regulatory approvals are not obtained and closing of the Transaction has not occurred on or by 31 December 2009 then the agreement and the Transaction shall lapse.
The necessary Regulatory approvals were not obtained, and closing did not occur, by 31 December 2009 and accordingly the agreement and the Transaction have now lapsed.
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