- Royal Bank of Scotland Group said it wold collect £400m from a sell-down of its stake in Alawwal bank, triggered by the latter's merger with Saudi British Bank.

RBS also said the deal would reduce its risk-weighted assets by £4.7bn.

RBS, through Dutch subsidiary NWM, held an aggregate 40% shareholding in Alawwal bank on behalf of a consortium including itself, Stichting Administratiekantoor Beheer Financiële Instellingen and Banco Santander.

The economic interest of RBS was equivalent to a 15.3% shareholding in Alawwal bank.

'We are pleased that this merger has now concluded; it will help facilitate the future exit of our shareholding as we continue to focus on our key target markets,' RBS chief executive Ross McEwan said.

'The release of capital will also have a positive and material financial impact for RBS.'

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