UPDATE 2-MCB Bank to pay $90 mln for RBS Pakistan-source

* Proposed price 0.76 times RBS Pakistan's book value

* Share purchase agreement likely in a day or two

* MCB Bank Q2 net profit up 1.7 percent; shares rise 4 pct

* MCB shares rise 3.6 pct in a broader market up 2.4 pct

*

By Faisal Aziz

KARACHI, Aug 10 (Reuters) - Pakistan's largest bank, MCB Bank (MCB.KA), will pay around $90 million to acquire the local operations of the Royal Bank of Scotland RBS.KA, a source with direct knowledge of the deal said on Monday.

The Pakistan sale is part of moves by part-nationalised RBS (RBS.L) to sell assets globally as it tries to exit up to 36 countries and focus on its mainly UK core businesses. Last week, Australia and New Zealand Banking Group Ltd (ANZ.AX) agreed to buy some Asian units of RBS for about $550 million. [ID:nSYD460598]

MCB Bank, the country's largest bank with a market value of $1.4 billion, said earlier on Monday its board had approved the proposed acquisition of RBS Pakistan, subject to regulatory approvals and signing of the share purchase agreement. [ID:nISL102277]

"We will pay around 7.5 billion rupees ($90.4 million) for RBS Pakistan," said the source, who declined to be identified as the deal has not yet been signed.

"The share purchase agreement is likely to be signed in a day or two, maybe even tomorrow, in Dubai," he said.

The price would be 0.76 times RBS Pakistan's book value of 9.888 billion rupees, as of March 31.

"In terms of pricing, MCB seems to have struck a great deal and the bank may even book a gain on amalgamation of RBS into MCB," said Asif Qureshi, director at brokers Invisor Securities.

"Valuation may have been the overriding consideration for MCB, as there appears very limited scope for creating business synergies between the two banks," he said.

RBS Pakistan was not immediately available for comment.

MCB Bank, in which Malaysia's Maybank (MBBM.KL) holds a 20 percent stake, also reported a 1.7 percent rise in net profit for the three months ended June 30, meeting market expectations.

The bank said it earned 3.62 billion rupees ($43.62 million) in the second quarter of the calendar year, compared with 3.56 billion rupees a year earlier. [ID:nSIN479119]

Six analysts had forecast net profit between 3.4-3.8 billion rupees, according to Reuters Estimates.

By 0530 GMT, MCB's shares were up 3.6 percent in a broader market .KSE up 2.4 percent.

ANZ is buying RBS's retail, wealth and commercial businesses in Taiwan, Singapore, Indonesia and Hong Kong. ANZ would also buy RBS's institutional businesses in Taiwan, Philippines and Vietnam. Standard Chartered (STAN.L) is in talks to buy RBS assets in China and India. ($1 = 82.99 rupees) (Additional reporting by Sahar Ahmed; Editing by Anshuman Daga)