RBS Uzbekistan sold to Koreans

3rd Dec 2010 09:37

Royal Bank of Scotland has sold its Uzbekistan business to state-owned Korea Development Bank (KDB), the UK company confirmed Friday.The disposal of its 82.35% stake in RBS NB Uzbekistan CJSC is expected to complete during the second quarter of 2011.No price was specified but KDB says it paid around book value in a deal that creates the largest foreign-owned bank in Uzbekistan.At the end of 2009, the RBS unit had gross assets of about US$365m. Its sale is part of the British government-owned bank's programme of asset sales that forms part of its five-year strategic plan, announced in February 2009.