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RBS tweaks EU state aid deal, sets EGM

Source: Reuters - Fri 27th Nov 2009

Lender Royal Bank of Scotland said it had fine-tuned a deal to win European Union approval for state aid it has received, as it called for investors to vote on its restructuring plan next month.

RBS, majority state-owned after receiving a government bailout last year, said the EU deal had been amended so the bank will now cut its loan book through further disposals if it falls short of its 2013 balance sheet target by 30 billion pounds.

A deal unveiled earlier this month stipulated RBS would make disposals if the shortfall was 10 percent of the target level.

The agreement is part of a wider restructuring plan, announced on November 3, under which RBS is to sell key businesses and receive an additional capital injection from the government to help it absorb future bad debts.

RBS shareholders will be asked to vote on the proposed overhaul at a meeting on December 15, the bank said.

RBS shares, which fell over 7 percent on Thursday after Dubai said it was seeking to defer repayment on debt issued by its flagship property firms, were up 2.8 percent at 34 pence by 9:30 a.m..

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