RBS sells German factoring unit

29th Mar 2010 08:35

Part-nationalised lender Royal Bank of Scotland has agreed to sell its German factoring business to General Electric unit GE Capital for an undisclosed sum. The deal is subject to regulatory approval and expected to complete by the third quarter.RBS Factoring GmbH had gross assets of about €169m as at 31 December 2009. "As part of the group's strategic plan, announced in February 2009, it was concluded that the assets would be better placed with a new owner outside of RBS," the lender said."The sale represents further progress against RBS' five-year strategic plan. RBS will continue to have a significant presence in Germany, focused on the growing corporate and institutional market, as well as general insurance."