British bank RBS says to sell Uzbekistan unit to KDB

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Britain's bailed-out Royal Bank of Scotland said Friday it had agreed to sell most of its Uzbekistan division for an undisclosed amount to state-owned Korea Development Bank.

"The Royal Bank of Scotland NV, a subsidiary undertaking of RBS Group plc, has reached agreement for the sale of its 82.35-percent holding in RBS NB Uzbekistan CJSC to Korea Development Bank," RBS said in a statement.

The deal, which is subject to regulatory approvals, is expected to be completed in the second quarter of 2011.

RBS added that its Uzbekistan unit had gross assets of around 365 million dollars (276 million euros) at the end of December 2009.

The bank is now about 80-percent owned by the British taxpayer after a massive government bailout as the bank was ravaged by the credit crunch and the takeover of Dutch giant ABN Amro at the top of the market in 2007.

The divestment is part of the lender's five-year strategic plan that was launched early last year.

© 2010 AFP

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