Royal Bank backs away from sale

Royal Bank of Scotland plc, part of the consortium that last year bought Dutch lender ABN Amro Bank for €72 billion ($113.3 billion), on Wednesday said that it had decided not to sell ABN's Australian unit. RBS shifted gears after the potential buyer, Commonwealth Bank of Australia Ltd., broke off negotiations. The ABN division had been valued by analysts at around A$800 million ($767 million).

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Debt acquired to buy ABN along with subsequent subprime losses have battered the RBS capital base, prompting a £12 billion ($22.5 billion) rights issue as well as plans to sell off billions in noncore assets. For the time being, the list won't include the ABN Australia business. - Barbara Rudolph

See TheDeal.com: Tesco buys out RBS business (subscription required)
Dealscape: RBS dumps discounted debt

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