The Royal Bank of Scotland N.V., a subsidiary undertaking of The Royal Bank of Scotland Group plc, has reached agreement for the sale of its 82.35% holding in RBS NB Uzbekistan CJSC to Korea Development Bank (KDB).

The bank did not disclose the sum of the deal, but KDB says it paid around book value in a deal that creates the largest foreign-owned bank in Uzbekistan. KDB plans to merge RBS Uzbekistan with its existing Uzbek unit - UzKDB Bank.

It added that the transaction is subject to certain regulatory approvals and is expected to complete during second quarter of 2011.

RBS NB Uzbekistan CJSC had gross assets of approximately US$365 million as at 31 December 2009.