CIMB and RBS seal deal
Malaysian bank CIMB yesterday finalised terms for the purchase of the cash equities, equities capital markets and corporate advisory business of Royal Bank of Scotland in nine markets in Asia as well the cash equities business of RBS in the US and Britain.In Australia CIMB will acquire the legal entities of RBS aside from the RBS interest in RBS Morgans (which will be bought out by management). Elsewhere CIMB will buy customers lists, customer agreements and some other assets. Up to 400 staff of RBS in Asia, the US and UK will join the new bank.CIMB said it will pay £89 million to RBS while RBS said it will receive £75 million from CIMB. The Malaysian bank will also invest a further £86 million in capital.The bank said the "effective price to NTA ratio of the transaction is about 0.98 times."@font-face { font-family: "Cambria"; }p.MsoNormal, li.MsoNormal, div.MsoNormal { margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: "Times New Roman"; }div.Section1 { page: Section1; }