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Thursday 20th of January 2011
January 18, 2011    

RBS offloads Priory Group for £925m

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by Kay Murchie

The Royal Bank of Scotland (RBS), which is 83% owned by the taxpayer, has today announced it has agreed to sell the Priory Group - the care home and clinic renowned for treating celebrities.

The bank has offloaded the business to private equity firm, Advent International, in a deal worth £925 million.

RBS has been selling assets under the orders of the European Commission, as a punishment of the billions of pounds in state aid that RBS received by the Government at the height of the financial crisis.

RBS acquired the Priory Group when it completed its purchase of Dutch bank, ABN Amro. This almost led to the collapse of the bank on the eve of the credit crisis.

In a statement to the London stock exchange, the bank said: “After the settlement of outstanding debt, RBS expects to receive gross equity proceeds of up to £133 million in cash from the sale of its minority equity stake in the Priory Group.”

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