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RBS quits Dubai Group debt talks

Royal Bank of Scotland (RBS) and two other lenders have abandoned talks on restructuring Dubai Group's $10bn debt, and threatened to bring unprecedented legal action against the group, Reuters has reported, citing sources close to the matter. The walkout by RBS, German lender Commerzbank and South Africa's Standard Bank at the beginning of June could prevent a deal for the entire restructuring just as an initial agreement is about to be circulated to other banks, five sources said. "We are no longer negotiating. We have asked for our money back or we will go to the courts under the terms of the contracts we signed," said a banker at one of the lenders, speaking on condition of anonymity.