Royal Bank of Scotland Group Plc and Emirates NBD PJSC will lead a group of banks in negotiations with Dubai Group LLC on the investment company’s $6 billion debt restructuring, two people with knowledge of the plan said.
The remaining members of a committee that will hold talks on behalf of all lenders still have to be chosen, the people said, declining to be identified because the talks are private. An official at Dubai Group declined to comment. Spokesmen for British government-owned Royal Bank of Scotland and Dubai-based Emirates NBD, the United Arab Emirates’ biggest bank by assets, also declined to comment.
Dubai Group is an investment company controlled by Dubai Holding LLC, a property, hospitality and investment group owned by Dubai ruler Sheikh Mohammed Bin Rashid Al Maktoum. The company owns stakes in Kuala Lumpur-based Bank Islam Malaysia Bhd and Cyprus’s second-biggest lender, Marfin Popular Bank Pcl.
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