Sumitomo RBS

Sumitomo Mitsui pays $7.3 billion for RBS Aviation Capital

Sumitomo Mitsui buys RBS's aircraft leasing division as the UK lender continues to sell its non-core businesses.

Late on Monday, Sumitomo Mitsui Banking Corporation SMBC, acting for a consortium led by its parent Sumitomo Mitsui Financial Group SMFG agreed to pay 4.7 billion $7.3 billion for Royal Bank of Scotland’s aircraft leasing business, RBS Aviation Capital.

During the past few months, SMFG has had to fight off rival bidders, which included China Development Bank and Wells Fargo. Price and ability to complete the transaction are believed to be the main reasons for the Japanese bank’s victory.

The price includes future order commitments of $3.7 billion, and the sale is expected to be completed before the end of the third quarter this year....

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