Sale of RBS Aviation Capital
The Royal Bank of Scotland Group plc (RBS) has completed the previously announced sale of RBS Aviation Capital, its aircraft operating lease company, to a consortium led by Sumitomo Mitsui Financial Group, Inc. (SMFG) for approximately $7.3bn.
01 June 2012
RBS Aviation Capital is the world’s fourth largest aircraft lessor by owned and managed fleet value, including a portfolio of 203 owned aircraft.
This is a significant sale for the RBS Non-Core division, which continues to make good progress in reducing the £258bn of assets it held at its inception in 2009. Since then, those assets have been reduced by £175bn to £83bn, as reported in the bank's first quarter results this year.
The proceeds from the Aviation Capital sale were not included in the first quarter figures.
"I am delighted to confirm the sale of RBS Aviation Capital to SMFG and Sumitomo Corporation. They will be good owners of this business and have worked hard with us to ensure the deal was completed quickly and smoothly."
Rory Cullinan, CEO of RBS Non-Core division
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