FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of August 2009
Commission File Number: 001-10306
The Royal Bank of Scotland Group plc
RBS, Gogarburn, PO Box 1000
Edinburgh EH12 1HQ
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1):_________
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7):_________
Indicate by check mark whether the registrant by furnishing the information contained in
this Form is also thereby furnishing the information to the Commission pursuant to Rule
12g3-2(b) under the Securities Exchange Act of 1934.
If "Yes" is marked, indicate below the file number assigned to the registrant in connection
with Rule 12g3-2(b): 82- ________
The following information was issued as Company announcements, in London, England and is
furnished pursuant to General Instruction B to the General Instructions to Form 6-K:
________
RBS announces successful sale of part of
Asian banking operations
to ANZ
4th
August 2009
The Royal Bank of Scotland Group plc ("RBS") today announces that it has entered
into a sale agreement with
ANZ Group Limited ("ANZ
") to sell its Retail & Commercial Banking operations in
Taiwan, Hong Kong, Singapore, and Indonesia and the onshore Global Banking &
Markets (GBM) and Global Transaction Services (GTS) operations in the Philippines,
Vietnam and Taiwan (excluding securities)
. A
premium of
US
$50M
(€35.3M) over the book value of these businesses at
closing
and a total consideration of
US
$418
M (€294
M) based on a pro-forma equity Tier 1 requirement of
8%
will be
subject to certain post completion adjustments.
As at 31st December 2008 the RWA's associated with this sale were US $4.6bn
(€3.2bn)
and total
assets at the same period were
US
$3.6bn (€2.6
bn).
This sale to
ANZ
follows the completion of the strategic review and the
announcement on 26 February 2009 that RBS was to dispose of its Retail &
Commercial businesses across Asia along with the decision to exit its wholesale
banking businesses in Vietnam, the Philippines, Taiwan and Pakistan in an effort to
refocus the Group's geographic reach
on
a smaller number of key markets.
The transaction will be effected by way of both share sales and asset and liability
transfers and completion of the transaction will be subject to certain conditions,
including regulatory approvals. Completion is expected within an 8-13 month period,
depending on jurisdiction.
RBS remains in advanced discussions with bidders for the remaining assets it has
decided to sell in
Asia
and will make further announcements, as appropriate, in
due course. The Group retains a wholesale banking presence in 11 markets across
Asia and RBS Coutts, its international wealth management business, remains
headquartered in
Singapore
.
Head of Investor Relations
+44 (0)207 672 1758
+44 7909 873681
Media:
Neil Moorhouse
Head of Group Media Centre
+
44 131 626 4414
+
44 7786 690029
Notes
:
Morgan Stanley & Co. Limited ("Morgan Stanley") is acting
for RBS as its exclusive financial advisor in connection with the
Transaction.
Morgan Stanley has been appointed as financial adviser to RBS
and for no-one else in connection with the Transaction and will not be responsible
to anyone other than RBS for providing the protections afforded to clients of
Morgan Stanley nor for providing advice in relation to the Transaction, the
contents of this document or any other matters referred to herein.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
Date: 04 August 2009
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|
THE ROYAL BANK
OF SCOTLAND GROUP plc (Registrant) |
|
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Name:
Title: |
A N Taylor
Head of Group Secretariat |