RBS close to offloading Russia banking assets
(21 August 2015 – Scotland) Royal Bank of Scotland (RBS) is reportedly close to selling its Russian banking assets to a Russian lender.
It is thought RBS will agree to the terms of the sale with the undisclosed local bank within coming weeks, according to Bloomberg sources.
At the end of June the company filings showed RBS had £1.6 billion (A$3.4 billion) of Russian assets.
Prolonged sanctions in Russia have hit overseas lenders with other companies such as Franklin Templeton Investments and BNP Paribas SA looking to sell Russian investments.
“We are exploring sale or wind-down options for our operations in Russia,” a RBS spokesman said in an e-mailed statement to Bloomberg on 18 August.
The changes are part of efforts to become a “simpler, stronger and more sustainable bank, more aligned to the needs of our customers in the U.K. and western Europe.”
RBS announced its plans earlier in the year to cut the operations of its investment bank from 38 countries to 13.
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