RBS sells UAE Retail Banking business

16th Jun 2010 16:19

Taxpayer-backed Royal Bank of Scotland has sold its UAE Retail Banking business to Abu Dhabi Commercial Bank (ADCB).The total cash consideration payable is equal to the net asset value of the business at completion plus a premium of about £31m. As at 31 December 2009, the net assets of the business transferred amounted to approximately £37m.The deal is subject to regulatory approval and is expected to complete in the fourth quarter.RBS, 84% controlled by the taxpayer, already announced the sale of its Pakistani and Argentinean businesses this week.