RBS Agrees Sale Of Retail Banking Business in UAE

16th Jun 2010 16:25

LONDON (Dow Jones)--Royal Bank of Scotland Group PLC (RBS.LN) said Wednesday it has agreed to the sale of its Retail Banking business in the UAE to Abu Dhabi Commercial Bank, or ADCB. MAIN FACTS: -The total cash consideration payable by ADCB is equal to the net asset value of the business at completion plus a premium of AED169 million -As at Dec. 31 the net assets of the business transferred amounted to approximately AED 200 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. -Shares at 1520 GMT up 0.8 pence, or 1.8%, at 45.02 pence. -By Tommy Stubbington, Dow Jones Newswires; 44-20-7842-9268; [email protected] (END) Dow Jones Newswires June 16, 2010 11:25 ET (15:25 GMT)