Disposal of RBS Factor S.A.

RNS Number : 1759M

Royal Bank of Scotland Group PLC

19 May 2010

 

The Royal Bank of Scotland Group plc - Disposal of RBS Factor S.A.

19^th May 2010

RBS announces sale of RBS Factor S.A.

The Royal Bank of Scotland Group plc ("RBS") has agreed the sale of RBS Factor S.A. to GE Capital.

The transaction is subject to regulatory approval and expected to complete in Q3 2010.

RBS Factor S.A. which is the RBS factoring business in France, had gross assets of approximately €606 million as at 31 December 2009. As part of the Group's strategic plan, announced in February 2009, this business was placed in the Non-Core Division while the Group sought a new owner with a long term commitment to the factoring sector in France and the ability to invest in RBS Factor S.A. for future growth.

This follows the announcement earlier this year of the sale of the RBS factoring business in Germany to GE Capital. The sales complete the disposal of our factoring businesses in Continental Europe and represent further progress against the RBS strategic plan.  The Group continues to advance on a number of fronts in the disposal of its non-core assets.

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.

Ends

For analyst enquiries:
Richard O'Connor	Head of Investor Relations	[phone]
For media enquiries:
Jason Knauf	Head of Group Media Centre	[phone]

 

END

 

 

DISDKLBFBEFEBBX