Japan's MUFG says to buy 3.8 billion pounds of RBS assets
A subsidiary of Japan's Mitsubishi UFJ Financial Group said Monday it had agreed a 3.8 billion pound deal to buy a portfolio of project-financing assets from Britain's Royal Bank of Scotland.
The Bank of Tokyo-Mitsubishi UFJ said it had agreed on key terms with RBS for the proposed deal to acquire the portfolio of loans worth around 3.8 billion pounds (6.1 billion dollars).
Through the purchase -- mainly of loans for natural resource and power infrastructure projects in Europe, the Middle East and Africa -- the Japanese group aims to gain a foothold in emerging markets and become a sector leader.
RBS is around 80 percent owned by the British government.
© 2010 AFP