16 Jun 2010 16:16
Royal Bank of Scotland Group plc - Disposal of Retail Banking business in UAE
16 June 2010
RBS announces successful sale of its UAE Retail Banking business to Abu Dhabi Commercial Bank (ADCB)
RBS N.V. has announced today that it has agreed to the sale of its Retail Banking business in the UAE to ADCB.
The total cash consideration payable by ADCB is equal to the net asset value of the business at completion plus a premium of AED 169 million (c. GBP31 million). As at 31 December 2009, the net assets of the business transferred amounted to approximately AED 200 million (c. GBP37 million).
The transaction is subject to regulatory approval and is expected to complete in Q4 2010.
The sale represents further progress against RBS' five-year strategic plan. RBS will continue to have an extensive reach in the Middle East and Africa with our Global Banking & Markets (GBM) and Global Transaction Services (GTS) businesses, alongside our wealth management business RBS Coutts, and is committed to maintaining a presence in the UAE going forward.
Richard O'Connor
Investor Relations
+44 (0) 20 7672 1758
Group Media Centre
Tel: +44 (0) 131 523 4205
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