RBS Romania could be sold by yearend but not at any price, president says

The sale of the Royal Bank of Scotland Romania could be finalized in the second part of the year, but if the price is not satisfactory it could be postponed, according to the president Peter Weiss.

RBS Romania, the local unit of the British lender Royal Bank of Scotland (RBS), was included on a list of 15 units for sell-off, as the lender's business is split into three groups according to their importance, an annual RBS report released at the end of February showed.

The bank is for sale, but at a realistic price, Weiss said, adding the mother bank is satisfied with the evolution of the Romanian branch. Nevertheless, if sold, all the bank’s operations will be included on the list, such as corporate, retail and institutional clients, NewsIn informs.

RBS Romania reportedly booked a rising profit in 2008 over the previous year, Weiss said, without give more details regarding the gains. However, the burden of the economic slowdown is felt by the lender too. The key word on the president’s lips is stagnation of the market of the lending this year.

RBS reported net losses of 24.1 billion pounds (34.3 billion dollars) for 2008, the largest in the history of corporations in Britain.

The Royal Bank of Scotland (RBS) took over the ABN Amro Romania bank in October 2007, in exchange for 70 billion euros. ABN Amro's services worldwide were divided among the consortium consisting of the Royal Bank of Scotland, Belgium's Fortis and Spain's Santander. The rebranding process began on October15.

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