Mitsubishi set to buy RBS unit

Mitsubishi, Japan's biggest bank by assets, is planning to buy the project financing unit of the Royal Bank of Scotland for about 500bn yen (£3.9bn). The Japanese bank presented a final offer price late last month to the British government, which controls 84 per cent of RBS' voting rights, and is expected to sign a deal by year end and complete it in the first half of 2011. RBS’ project financing unit is one of the non-core operations that the government has asked the bank to sell to pay back public funds.