RBS sells aircraft leasing business

Ireland-based RBS Aviation Capital to net over £4bn for bankThe Royal Bank of Scotland has confirmed the £4.7bn ($7.3bn) sale of its aircraft leasing business, the biggest disposal to date by chief executive Stephen Hester as he attempts to get the bailed-out bank back to financial health.The sale of the Dublin-based unit, which has around 200 planes leased to customers such as Ryanair, was developed under the previous management.Now known as RBS Aviation Capital, it is being bought by Japan's second biggest bank Sumitomo Mitsui Financial, which had been bidding against a number of rivals including China Development Bank and Wells Fargo.The operation is one of the biggest of its kind worldwide.Royal Bank of ScotlandBankingFinancial sectorJill Treanorguardian.co.uk © 2012 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds