23rd Jul 2015 06:32
LONDON (Alliance News) - The Royal Bank of Scotland Group PLC on Thursday said it has struck a GBP400 million deal to sell a portfolio of loans to an entity managed by Deutsche Bank AG and funds affiliated with US private equity firm Apollo Global Management LLC.
The FTSE 100-listed, mostly UK taxpayer-owned bank said it will receive GBP400 million in cash from the sale of the portfolio, with the proceeds to be used for general corporate purposes.
RBS said the move is part of its wider divestment programme to offload assets and strengthen its capital position.
The carrying value of the loans at the end of 2014 was GBP376 million, RBS said. The gross assets were valued at around GBP1.14 billion at the loan generated a loss of around GBP70 million in 2014.
By Sam Unsted; [email protected]; @SamUAtAlliance
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