Royal Bank of Scotland is close to disposing of its Russian banking assets to a local lender, according to two people with knowledge of the matter.
Bloomberg News reports that RBS will probably agree terms of the sale with the undisclosed bank within the coming weeks, said the people, who asked not to be identified because the details are private. The bank had $2.5bn of Russian assets at the end of June, company filings show.
'We are exploring sale or wind-down options for our operations in Russia', a RBS spokesman said in an e-mailed statement on Tuesday. The changes are part of efforts to become a 'simpler, stronger and more sustainable bank, more aligned to the needs of our customers in the U.K. and western Europe'.
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