More good news for the Royal Bank of Scotland (LON:RBS) and its restructuring plan, as the company looks set to receive just over £2bn from the sale of an 80.01% stake in its Global Merchant Services (GMS) business. Consequently the, government backed banking group will realise an £850m gain from the disposal, and it will retain a minority 19.99% stake in the business unit.
The GMS unit is being bought by a consortium led by Advent International and Bain Capital.
"The sale of GMS is another significant milestone in the group's restructuring programme. GMS is an excellent business. The transaction will be good for both staff and customers as the business implements its ambitious expansion plans", RBS group finance director Bruce Van Saun commented.
The asset sale is expected to complete in Q4 2010.
The £850m gain will serve as a further boost to the UK taxpayer, after the 83%-government owned bank returned to profit in today’s interim results. In this morning’s statement, RBS revealed that it booked an operating profit of £1.58bn in the six months to June 30 2010, reversing a loss of £3.35bn in the same period last year.
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