RBS sells Uzbek business to South Korea

City A.M. Reporter
Royal Bank of Scotland has agreed to sell the majority of its Uzbekistan operation to the Korea Development Bank today.

The deal will see the South Korean bank buy 82.35 per cent of RBS NB Uzbekistan CJSC for an undisclosed amount.

RBS Uzbekistan had about $365m (£234m) gross assets at 31 December 2009.

The sale should complete in the second quarter of next year, subject to regulatory approvals.

The deal is the latest in a number of asset sales by RBS in line with its five-year turnaround plan, to restructure the bank and dispose of non-core assets to return it to normal functioning.

Earlier this week it also announced the sales of its Global Merchant Services business, to a private equity consortium, and assets held by its commodities trading joint venture, RBS Sempra Commodities.