Quick Facts
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

RBS Agrees To Sell Certain Businesses In Asia Pacific To CIMB - Quick Facts

4/2/2012 4:21 AM ET

Royal Bank of Scotland Group plc (RBS.L,RBS: Quote) said it has agreed to sell certain businesses in Asia Pacific to Malaysia's CIMB Group Sdn Bhd. The cash consideration, based on net asset values, is expected to be about 75 million pounds.

RBS would sell to CIMB its Cash Equities businesses in Australia, China, Hong Kong, India and Taiwan; including the cash equities sales desks in the US and UK and Equity Capital Markets and Mergers & Acquisition businesses in Australia and China, Hong Kong, India, Indonesia, Malaysia, Singapore, Taiwan and Thailand.

The principal benefit to RBS of the sale is to mitigate partially the shutdown costs otherwise associated with these businesses.

The transaction will complete by jurisdiction with the final completion expected to occur during the fourth quarter of 2012.

Moreover, RBS will work closely with CIMB and existing clients of the sale businesses to ensure a smooth transition of staff, mandates and accounts, to the satisfaction of clients.

Click here to receive FREE breaking news email alerts for Royal Bank of Scotland Group PLC and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
The Reserve Bank of New Zealand on Thursday raised its Official Cash Rate by 25 basis points, to 3.00 percent from 2.75 percent. The decision was in line with expectations, and it marks the second straight month with a rate hike following 24 straight meetings in which the rate was not changed. New Zealand's economic expansion has considerable momentum, with GDP estimated to have grown by 3.5 percent in the year to March. Apple Inc. said Wednesday after the markets closed that its second quarter profit rose 7% from last year, as sales surged and margins improved amid strong sales of its iPhones. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly revenue. At the same time, the company gave a slightly downbeat revenue forecast for the current quarter. Stocks moved mostly lower during trading on Wednesday, giving back some ground after trending higher over the past several sessions. Selling pressure was relatively subdued, however, limiting the downside for the markets. The major averages all closed in the red, although the tech-heavy Nasdaq underperformed its counterparts by a wide margin.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.