RBS sells Argentinean business

14th Jun 2010 15:10

Taxpayer-backed Royal Bank of Scotland has agreed to sell the business of its Argentinean branch to Banco Comafi.The deal is subject to regulatory approvals and is due to complete in the first half of 2011. The lender didn't comment on the financial details of the sale but said the consideration will be paid in cash and is not material to RBS overall.RBS will continue to have a footprint in Latin America focused in Mexico and Brazil."This sale follows the agreed sale of the RBS Colombia business to Scotiabank and the sale of the offshore loan book covering assets from Argentina, Chile and Venezuela, demonstrating good progress against our strategic plan," the bank said.