logo
Share SHARE
FONT-SIZE Plus   Neg

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

Royal Bank of Scotland Group plc (RBS.L,RBS) 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Computer and printer maker Hewlett-Packard Co. said Thursday after the markets closed that its second quarter profit fell 21% from last year, hurt by lower revenue and costs related to the planned separation of the company. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations, but its quarterly revenue fell short of analysts' forecast. Accounting software maker Intuit reported a plunge in third-quarter profit, hurt by impairment charges, even as results topped Wall Street estimates, driven by growth in small business segment amid a strong tax season. Struggling teen-apparel retailer Aeropostale Inc. (ARO), Thursday said its first-quarter loss narrowed from a year ago, driven largely by stronger margins even as revenues continued to plunge dropped. Nevertheless, the company lost almost one-fifth of its market value in after-hours trade, with the...
comments powered by Disqus
Follow RTT