Royal Bank of Scotland Sells Loan Portfolio for GBP400 Million
July 23 2015 - 2:54AM
Dow Jones News
By Ian Walker
LONDON--Royal Bank of Scotland Group PLC (RBS.LN) said Thursday
it is selling a portfolio of loans to an entity funded by Deutsche
Bank AG (DB) and funds affiliated with Apollo Global Management,
LLC (APO) for 400 million pounds ($621 million).
RBS, which is 80%-owned by the U.K. government, said it will use
the money raised for general corporate purposes. It expects the
deal to be completed in September.
The carrying value of the loans at Dec. 31, 2014 was GBP376
million and the sale is expected to generate a profit of GBP24
million after costs, RBS said.
-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
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