LAHORE - The State Bank of Pakistan (SBP) has granted Jahangir Siddiqui and Company Limited (JSCL) the approval for conducting due diligence of Royal Bank of Scotland (RBS) Pakistan. According to a notice issued at the Karachi Stock Exchange (KSE) on Wednesday, Jahangir Siddiqui and Company Limited had sought the approval of conducting due diligence from the State Bank of Pakistan (SBP), which has in principle granted JSCL the approval. It is to be noted that JSCL had issued expression of interest in RBS Pakistan on April 14. SBP had already granted approval to Habib Bank Limited and MCB Bank in this regard last week. It is to be recalled that Habib Bank and MCB Bank had shown their interest in acquiring the Royal Bank of Scotland (RBS)s operation in Pakistan with estimated assets of Rs5 billion. The HBL and MCB had sought approval from the State Bank to commence the due diligence of RBS Pakistan. After getting permission from the central bank, MCB and HBL would enter into a process of due diligence in a view to evaluate both Habib Bank Limited (HBL) declared that it had expressed its interest to acquire the shareholding of RBS in Pakistan. Worth mentioning is that the Royal Bank of Scotland Group had been badly affected from the global financial crisis therefore; the group had decided to dissociate itself from the business operations of different regions. In this regard, RBS Pakistan on February 26, 2009 had sent a notice to the KSE to divest from Pakistan as part of its global strategy and restructuring process.