FREE SUBSCRIPTION Includes: The Advisor Daily eBlast + Exclusive Content + Professional Network Membership: JOIN NOW LOGIN
Skip Navigation LinksHome / News / Read News


Sumitomo Mitsui Front-Runner for RBS Aviation Unit

January 13, 2012, 07:30 AM
Filed Under: Aircraft

Bloomberg reported Royal Bank of Scotland Group Plc favors selling its aircraft-leasing division to Sumitomo Mitsui Financial Group Inc., a person with knowledge of the matter said.

According to the report, Sumitomo Mitsui, and rival bidder China Development Bank Corp. offered about $7.3 billion to $7.5 billion for the unit, according to a person, who declined to be identified. Sumitomo Mitsui is in the process of finalizing the draft of its offer, the person said.
Bloomberg also reported that RBS prefers Sumitomo Mitsui because of concerns about whether state-owned China Development Bank can get government approval for the purchase in a timely manner, the person said.

Wells Fargo & Co. had also bid for the unit, according to the report.


Comments From Our Members

You must be an Equipment Finance Advisor member to post comments. Login or Join Now.