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May 19, 2010    

RBS sells French factoring unit

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by Kay Murchie
RBS sells French factoring unit

Royal Bank of Scotland (RBS), which is 84% state-owned, has today announced it has disposed of its French factoring unit to GE Capital, the financial services division of General Electric.

Today’s disposal completes the sale of the bank’s factoring businesses across continental Europe, after it sold its German factoring unit to GE Capital in March.

The sale is part of the bank’s five-year strategic plan, announced a year ago. However, the monetary value of today’s deal has not been disclosed.

RBS continues to progress on a number of fronts in the disposal of its non-core assets.

The bank is also selling its 318 Williams & Glyn’s branch network, with Spanish banking giant, Santander, believed to be the frontrunner for taking over the branch network.

However, Virgin Money, part of Sir Richard Branson’s Virgin Group, has also made it clear that it is interested in the network, as is National Australia Bank.

The Williams & Glyn’s network is being sold under the orders of the European Commission as a punishment of the billions of pounds in state aid that RBS received by the Government.

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