The UK’s Royal Bank of Scotland has sold its remaining stake in global credit card processor WorldPay.
RBS sold the stake, just under 20% of WorldPay, to the credit card company’s current owners, Advent International and Bain Capital. The amount paid for the stake was not disclosed, but RBS said it would make £160m ($261m) from the sale.
Go deeper with GlobalData
In a statement, the bank said: "RBS is pleased to announce the disposal of its remaining approximate 20% economic interest in the WorldPay global payments business, to a consortium of Advent International and Bain Capital, the current owners of the majority stake in the business.
"A gain on disposal of around £160m is expected to be recorded in our 2013 results."
RBS, 82% owned by the UK government since a $70bn bailout in 2008, has been under pressure to shed assets since the economic crisis, and sold the other 80% of its stake in WorldPay to Advent International and Bain Capital in 2010.
It is expected that RBS will also sell its US retail banking operation, Citizens Bank, by the end of 2016.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataEarlier in the year, Toronto Dominion Bank’s CEO said that rumours TD was considering buying Citizens were not true.
The WorldPay deal is subject to regulatory approval and is expected to close in about a month.
Related articles:
WorldPay snaps up Century Payments
Small businesses in UK lose out due to lack of card payment options – WorldPay Zinc
