Sale of RBS Hoare Govett
The Royal Bank of Scotland Group plc ("RBS") has agreed to sell its RBS Hoare Govett corporate broking operations and transfer certain other professionals to Jefferies International Limited ("Jefferies").
On 12 January 2012, RBS 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.
RBS today announces that it has agreed to sell its RBS Hoare Govett corporate broking operations and transfer certain other cash equities professionals to Jefferies. The sale is for nominal cash consideration and is expected to complete by the end of Q1 2012. The transaction is not subject to any regulatory or other conditions precedent.
RBS will work closely with Jefferies and existing clients of the UK corporate broking business in seeking to transfer existing corporate broking roles to Jefferies to the satisfaction of its clients.
RBS remains in active discussions with other third parties interested in acquiring various parts of the businesses it has identified for exit. Further updates will be provided based on developments.
Bruce Van Saun, RBS Group Finance Director, said: "As we progress our plans to restructure the Group's wholesale banking division, we are pleased to have reached this agreement with Jefferies. The transaction will ensure continuity of service to our corporate broking clients".
Contacts:
Group Investor Relations
+44 (0)207 672 1758
Group Media Relations
+44 (0)131 523 4205
RBS Hoare Govett is a leading UK corporate broker with a more than 100-year history. The business delivers clients a fully integrated corporate broking service including corporate broking advice, investor targeting, capital structuring and expert execution.
RBS Hoare Govett has over 70 corporate brokerships in the UK and is broker to eight FTSE 100 clients and 30 FTSE 250 clients. It has advised over half of its FTSE 350 clients for more than 10 years.
This information is provided by RNS
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