Faysal Bank Ltd. (FABL.KA) said Wednesday it has agreed to buy a 99.37% stake in Royal Bank of Scotland Group PLC's (RBS) Pakistan operations for PKR4.3 billion ($51 million) at PKR2.5 a share.

The transaction for RBS Pakistan is subject to regulatory approvals and is expected to complete in the third quarter of 2010, Faysal Bank said in a regulatory filing.

Faysal, which is majority owned by Bahrain-based Ithmaar Bank, and Egypt's EFG Hermes Holding S.A.E. (HRHO.CI) conducted due diligence on the operations earlier this year.

The sale is part of RBS's plan to sell non-core operations, which include other Asian assets. RBS's previous attempt to sell the Pakistan operations to MCB Bank Ltd. (MCB.KA) for $87 million failed as it didn't get regulatory clearance.

-By Haris Zamir, contributing to Dow Jones Newswires; 91-11-43563301; abhrajit.gangopadhyay@dowjones.com