Royal Bank of Scotland (RBS.LN) agreed to sell a portfolio of Channel Island business loans for 150 million pounds ($168.8 million), about GBP50 million less than the previously reported price, the Financial Times reports.
--The bank's Lombard Finance division sold the assets to specialist lenders Investec and Shawbrook as part of its preparations for the U.K. 'ringfencing' regime that will be implemented next year, according to the FT.
--'Ringfencing' refers to new rules that require U.K. banks with more than GBP25 billion in deposits to protect retail businesses so losses in other units don't hurt depositors.
Full story: http://on.ft.com/2CCWVC7
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(END) Dow Jones Newswires
January 03, 2018 11:15 ET (16:15 GMT)