British bank RBS announces sale of rail unit for 3.6 billion pounds

AFP, June, 2008

LONDON (AFP) — Royal Bank of Scotland said on Friday that it had agreed to sell Angel Trains Group, the largest rolling stock leasing company in Britain, to a consortium of investment funds for 3.6 billion pounds (4.5 billion euros, 7.0 billion dollars).

"The Royal Bank of Scotland Group is pleased to announce that it has signed a definitive agreement regarding the sale of Angel Trains Group to a consortium advised by Babcock & Brown," RBS said in a statement to the London Stock Exchange.

"The sale forms part of RBS' strategy of focusing resource on its core domestic and international banking businesses."

Completion of the deal was expected before the end of 2008, the statement added.

The consortium comprises Babcock & Brown European Infrastructure...