The Royal Bank of Scotland Group has agreed to sell its credit card payment processing unit to Advent International Corp. and Bain Capital for $2.7 billion, according to the companies.
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The Royal Bank could receive up to an additional $250 million if the buyers’ returns hit certain targets, according to a New York Times report. The Royal Bank, which will keep a 20% stake, is being forced to dispose of the unit to comply with the European Union's state-aid rules after taking $72 billion in a rescue packaged financed by taxpayers during the financial crisis.
