RBS May Sell U.A.E. Retail Unit to ADCB, Bankers Say

Royal Bank of Scotland Group Plc, the biggest U.K. government-owned bank, is in talks to sell its retail banking assets in the United Arab Emirates to Abu Dhabi Commercial Bank PJSC, three bankers familiar with the deal said.

The transaction is valued at about $280 million, according to two of the bankers, who declined to be identified as details haven’t been completed. The third banker said the amount is likely to be lower. Abu Dhabi Commercial Bank is the U.A.E.’s third-largest bank by assets.

RBS, the 83 percent government-owned bank, is selling assets as part of a global plan announced in February last year to scale back its international presence. RBS acquired the U.A.E. consumer banking unit in 2007 after a group including RBS, Banco Santander SA and Fortis bought ABN Amro Holding NV for about 72 billion euros ($98.5 billion) in the world’s biggest banking takeover. The sale of the U.A.E. unit is subject to regulatory approval.