RBS sells aviation unit for $7.3bn

Royal Bank of Scotland Group agreed to sell its aviation leasing unit to Sumitomo Mitsui Financial Group for $7.3bn. The sale of Dublin-based RBS Aviation Capital is expected to be completed by the end of the third quarter. Sumitomo Mitsui, Japan’s second-biggest bank by market value, and partner Sumitomo Corp. will take over a fleet of 206 aircraft, with commitments to buy another 87 by 2015. Other bidders for the unit were the China Development Bank Corp. and Wells Fargo & Co