RBS offloads French factoring business

19th May 2010 09:35

Royal Bank of Scotland has agreed to sell its factoring business in France, RBS Factor S.A., to GE Capital. The transaction is subject to regulatory approval and expected to complete in the third quarter. GE Capital already bought the bank's factoring business in Germany earlier this year.RBS Factor had gross assets of about €606m as at 31 December 2009. "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," the group said."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."