Royal Bank of Scotland Group PLC (RBS.LN) has agreed to sell the offshore operations of its Lombard asset finance unit to specialist lenders Shawbrook and Investec PLC (INVP.LN) for 150 million pounds ($203.4 million), reports Sky News.
--The sale is being driven by new ring-fencing regulations, according to Sky sources, which mean the Channel Islands-based Lombard business can't be grouped with RBS's domestic retail business.
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--Shawbrook and Investec will divide the Lombard assets between them, Sky says. RBS declined to comment to Dow Jones on Wednesday.
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(END) Dow Jones Newswires
January 03, 2018 08:59 ET (13:59 GMT)