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The deal itself was required as one of the remedies demanded by the European Commission for the £54 billion of state aid that RBS has received from the UK government. The bank remains a minority (20%) shareholder in the business, which generated operating profits of £249 million in 2009 and is Europe’s largest payments processor. When the deal was announced it attracted strong interest from private equity buyers – which had money to burn as a legacy of their pre-2007 fundraising but were short of quality opportunities in Europe.
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