EDINBURGH (dpa-AFX) - Royal Bank of Scotland Group plc (RBS.L, RBS) said Wednesday that it has agreed to sell its RBS Hoare Govett corporate broking operations and transfer certain other professionals to Jefferies International Ltd. The sale is for nominal cash consideration and is expected to complete by the end of the first quarter of 2012, Royal Bank of Scotland said.
The deal is not subject to any regulatory or other conditions precedent. On January 12, Royal Bank of Scotland announced its decision to exit its cash equities, corporate broking, equity capital markets, and mergers and acquisitions businesses as part of changes to the bank's wholesale banking operations. The company said it remains in active discussions with other third parties interested in acquiring various parts of the businesses it has identified for exit.
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