OREANDA-NEWS. December 15, 2010. The Royal Bank of Scotland N.V. in Tashkent signed a share sale agreement with Korea Development Bank for the sale of RBS Uzbekistan.

The Royal Bank of Scotland N.V., a subsidiary undertaking of The Royal Bank of Scotland Group plc, has reached agreement for the sale of its 82.35% holding in RBS NB Uzbekistan CJSC to Korea Development Bank.

The transaction is subject to certain regulatory approvals and is expected to complete during Q2 2011.

RBS NB Uzbekistan CJSC had gross assets of approximately USD 365 million as at 31 December 2009. As part of the Group's strategic plan, announced in February 2009, it was concluded that the business would be better placed with a new owner outside of RBS. This sale represents further progress against the asset reduction element of RBS' five-year strategic plan.