RBS agrees £3.8bn project finance sale

15th Nov 2010 07:44

Royal Bank of Scotland is selling a non-core portfolio of about £3.8bn project finance assets to The Bank of Tokyo-Mitsubishi UFJ.A non-binding Memorandum of Understanding has already been signed for the portfolio that includes global power, global oil & gas and infrastructure assets in the UK, EMEA (Eastern Europe, Middle East, and Africa), APAC (Asia Pacific) and the Middle East. The UK state-owned bank said the proposed sale is subject to the signing of a legally binding sale and purchase agreement and receipt of regulatory approvals and other consents.European Union competition authorities are making RBS, 84%-owned by the British government, sell assets because it received bailout funds of over £45bn during the global financial crisis.