China Development Bank and Japan’s Sumitomo Mitsui Financial Group are slugging it out in the final days of an auction for Royal Bank of Scotland’s aircraft leasing business in a deal that could fetch up to $7.5 billion (€5.9 billion).
RBS, which is 83 per cent-owned by the British government, is shedding RBS Aviation Capital as part of efforts to pay back a 2008 bailout. RBS is also beginning a larger process to pare back the size of the bank. A decision on the aviation auction is expected by next week with a sale price in the region of $7.3-$7.5 billion, according to a source.