Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Royal Bank of Scotland Group said a merger the Alawwal bank and Saudi British Bank would release capital that would help it focus on its core UK market, without giving a specific sum.
RBS, through Dutch subsidiary NWM, held an aggregate 40% shareholding in Alawwal bank on behalf of a consortium including itself, Stichting Administratiekantoor Beheer Financiële Instellingen and Banco Santander.
The economic interest of RBS was equivalent to a 15.3% shareholding in Alawwal bank.
'We are pleased that this merger has now concluded; it will help facilitate the future exit of our shareholding as we continue to focus on our key target markets,' RBS chief executive Ross McEwan said.
'The release of capital will also have a positive and material financial impact for RBS.'