RBS nails £3.9bn asset sale

17th Dec 2010 07:55

Royal Bank of Scotland has agreed the sale of a non-core portfolio of about £3.9bn of project finance assets to Bank of Tokyo-Mitsubishi UFJ (BTMU). It has reached final legal agreement on the sale, first announced last month when a non-binding memorandum of understanding was signed.The portfolio 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. "This sale marks further progress in the execution of the asset reduction element of RBS' strategic plan announced in February 2009," the bank said Friday. "RBS continues to talk with BTMU about the potential sale of other non-core project finance assets."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.