Sumitomo Mitsui to acquire RBS aviation unit for $7.3bn
Japan-based Sumitomo Mitsui Financial Group has agreed to buy Royal Bank of Scotland Group's aviation unit for about $7.3bn.
Sumitomo said that the acquisition of RBS's aircraft leasing unit will enable to further expand and develop the business in Asia and other emerging markets.
RBS's aviation division was founded in 2001, when the bank acquired International Aviation Management Group, formerly Lombard Aviation Capital.
RBS group finance director Bruce Van Saun said that reaching agreement on a deal of this scale in such a volatile market is a significant success for their non-core division and a credit to SMBC. This transaction further evidences their progress in reducing their non-core portfolio and returning the group to a position of strength.
The deal is expected to close by the end of the third quarter of 2012.
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