Deutsche Bank continues to believe the combination would create a powerful platform for clients and employees.

The transaction is subject to agreement by ABN Amro and several authorizations of the Deutsche Bank supervisory board, De Nederlandsche Bank, the approval by the European Commission and other regulatory bodies.

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* ABN Amro Bank's net NPA ratio, according to the Reserve Bank of India (RBI), increased from 0.85 per cent in 2007-08 to 2.20 per cent during 2008-09, one of the highest among the 30 foreign banks operating in the country.

MCB will initially acquire from ABN Amro Bank 1.71 billion of ordinary shares in The Royal Bank of Scotland Limited (RBS Pakistan), representing a 99.37% stake, for a cash price of PKR4.22 per share. The total consideration to be paid will be PKR7.2 billion.

In addition, MCB will make a tender offer for the remaining 0.63% of ordinary shares not owned by the majority shareholder. The tender offer will also be subject to the necessary regulatory and other approvals.

MCB will fund the transaction entirely through internally generated cash resources and the transaction is not contingent on any external fund raising.

Bank of America Merrill Lynch and KASB Securities have advised MCB while Morgan Stanley has advised The Royal Bank of Scotland Group on the transaction.

Atif Bajwa, MCB's president, said: "The RBS acquisition will be crucial in providing access to important customers, in making available a strong human resource pool as well as an evolved product development and technology infrastructure. We are convinced that this transaction will be beneficial to all stakeholders."

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For the second quarter of 2009, loss from continuing operations was E1.86 billion, compared to a loss from continuing operations of E889 million for the first quarter of 2009. Net interest income was E1.12 billion, compared to E1.21 billion for the first quarter of 2009. Operating income for the second quarter of 2009 was E926 million, compared to E1.57 billion for the first quarter of 2009.

For the first six months ended June 30, 2009, the company has reported a loss of E2.65 billion, compared to a profit of E2.88 billion for the same period of 2008. Loss from continuing operations was E2.75 billion, compared to a loss from continuing operations of E2.86 billion for the same period of 2008.

Net interest income for the first half of 2009 was E2.33 billion, compared to E2.65 billion for the same period of 2008. Operating income was E2.49 billion, compared to E2.33 billion for the first half of 2008.

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