Royal Bank Of Scotland Group Plc (LON:RBS) has agreed the sale of ts French factoring subsidiary, RBS Factor S.A, to GE Capital for an undisclosed amount. RBS is 83% state-owned after UK government bailouts in 2008 and 2009 following the credit crunch. As part of the Group's strategic plan, announced in February 2009, this business was placed in its non-core asset division while the Group sought a new owner "with a long term commitment to the factoring sector in France". The transaction is subject to regulatory approval and is expected to complete in Q3 2010.

The business had gross assets of around EUR606m at 31 December 2009 but the price paid by GE Capital was not disclosed. It employs 121 people and has offices in Paris, Lille, Strasbourg, Lyon, Aix en Provence, Toulous and Nantes. This sale follows the announcement earlier this year of the sale of the RBS factoring business in Germany to GE Capital, completes the disposal of all RBS factoring businesses in continental Europe and is part of a drive to dispose of non-core assets. RBS emphasised in a statement that:

RBS will continue to have a significant presence in France, focused on financing, advisory and risk management solutions for corporates, financial institutions and the public sector.



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