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.
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