Agencies
Dubai
National Bank of Abu Dhabi PJSC, the United Arab Emirates’ largest bank, signed an agreement with Royal Bank of Scotland Group Plc to buy about $900 million (Rs 58 billion) of offshore loans to Indian companies.
The deal should be completed progressively from the third quarter of 2015, subject to conditions, the bank, which is 70 percent owned by the oil-rich emirate, said in a statement posted on the Abu Dhabi stock exchange website Sunday.
Deutsche Bank AG acquired about $200 million of RBS’ Indian loan assets, people familiar with the matter said last month. The German lender also bought some Singapore and Indonesian assets from RBS, they said.
RBS, the U.K.’s largest taxpayer-owned lender, has been exiting its corporate loans and debt capital markets business in the Middle East and Africa this year as part of a move to make the bank smaller. The bank also sold its retail banking business to Abu Dhabi Commercial Bank PJSC in 2010.
RBS’ loss at its investment bank almost doubled in the third quarter, the Edinburgh-based bank said in a statement last month. Chief Executive Officer Ross McEwan is dismantling the division and scaling back trading businesses amid lingering costs for litigation.
