RBS To Sell Certain Businesses In Asia Pacific To CIMB For GBP75 Million
April 02 2012 - 4:46AM
Dow Jones News
Royal Bank of Scotland Group PLC (RBS.LN), the 83% U.K
government owned bank, said Monday it has agreed to sell certain
businesses in Asia Pacific to CIMB Group Sdn Bhd (1023.KU), for
cash consideration expected to be GBP75 million, adding that it has
now completed the sales process for various elements of the
businesses.
MAIN FACTS:
-RBS has agreed to sell to CIMB its Cash Equities businesses in
Australia excluding the interest in RBS Morgans, China, Hong Kong,
India and Taiwan; including the cash equities sales desks in the
U.S and U.K and;
-RBS has agreed to sell to CIMB its Equity Capital Markets and
Mergers & Acquisition businesses in Australia and China
excluding activities carried out by Hua Ying Securities, Hong Kong,
India, Indonesia, Malaysia, Singapore, Taiwan and Thailand.
-RBS continues with leading positions in debt financing, risk
management and transaction services in 11 Asia Pacific markets.
-The transaction will complete by jurisdiction with the final
completion expected to occur during the fourth quarter of 2012.
-In certain jurisdictions, completion of the transaction is
subject to regulatory conditions precedent.
-In Asia Pacific, RBS will maintain its positions in debt
financing, risk management and transaction service in the 11
countries where we currently operate.
-On Jan. 12, RBS announced its decision to exit its cash
equities, corporate broking, equity capital markets, and mergers
and acquisitions businesses as part of changes to the bank's
wholesale banking operations.
-Royal Bank of Scotland Group shares at 0814 GMT up 0.7%, at 27
pence, valuing the company at GBP16.6 billion.
-By Razak Musah Baba, Dow Jones Newswires; 44-20-7842-9275;
razak.baba@dowjones.com