RBS agrees sale of GE Capital
The Royal Bank of Scotland (RBS), which is 84% state-owned, has today announced it will dispose of its factoring unit in Germany to GE Capital, the financial services division of General Electric.
In a statement, the bank said: “The Royal Bank of Scotland Group plc has agreed the sale of RBS Factoring GmbH to GE Capital.”
It added: “RBS will continue to have a significant presence in Germany, focused on the growing corporate and institutional market, as well as general insurance.”
The sale is part of the bank’s five-year strategic plan, announced a year ago. However, the monetary value of the deal has not been disclosed.
The deal, which is subject to regulatory approval, is expected to be finalised by the third quarter of 2010.
Last month, RBS posted a full-year loss of £3.6 billion but this was a significant improvement on the £24.1 billion loss it reported for 2008 – which represented the largest annual loss in UK corporate history.