Stock Market News
RBS sells offshore leasing assets to Investec and Shawbrook - report
Royal Bank of Scotland has agreed to sell off its offshore leasing businesses to Investec and Shawbrook due to new regulatory pressures around 'ring fencing', a report revealed on Wednesday.
RBS, which is still 72% owned by the taxpayer after the state bailout at the height of the financial crisis, has reached a deal to offload the operations of its Lombard Finance subsidiary based in the Channel Islands, Isle of Man and Gibraltar for roughly £150m, according to Sky News.
Challenger bank Shawbrook, which was taken private last year, and the UK arm of Anglo-South African bank Investec have agreed to split Lombards Jersey and Guernsey assets, with Investec said also to have snapped up the businesses on the Isle of Man and Gibraltar
Sources with knowledge of the deal told Sky that new rules that force larger high street lenders to ring-fence their retail bank business from more risky investment banking prevented Lombard's offshore activities from being included in RBS's ring-fenced bank nor its non-ring-fenced unit.
In November, it was revealed that Chancellor Philip Hammond is preparing to re-privatise RBS by selling £3bn worth of shares before the end of the 2018-2019 fiscal year and a further £12bn of its stake over the coming four years. The government poured £45.5bn into RBS during the financial crisis.
RBS, which is still 72% owned by the taxpayer after the state bailout at the height of the financial crisis, has reached a deal to offload the operations of its Lombard Finance subsidiary based in the Channel Islands, Isle of Man and Gibraltar for roughly £150m, according to Sky News.
Challenger bank Shawbrook, which was taken private last year, and the UK arm of Anglo-South African bank Investec have agreed to split Lombards Jersey and Guernsey assets, with Investec said also to have snapped up the businesses on the Isle of Man and Gibraltar
Sources with knowledge of the deal told Sky that new rules that force larger high street lenders to ring-fence their retail bank business from more risky investment banking prevented Lombard's offshore activities from being included in RBS's ring-fenced bank nor its non-ring-fenced unit.
In November, it was revealed that Chancellor Philip Hammond is preparing to re-privatise RBS by selling £3bn worth of shares before the end of the 2018-2019 fiscal year and a further £12bn of its stake over the coming four years. The government poured £45.5bn into RBS during the financial crisis.
Related share prices |
---|
Royal Bank of Scotland Group (RBS) share price |
Investec (INVP) share price |
Stock News headlines are gathered from financial news sources around the web. Views and opinions on each item are from their respective authors and website. They are not opinions of LiveCharts.co.uk
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- NEXT share price
- Diageo share price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- THG Share Price
- Aviva Share Price
- Boil Share price
- Easyjet Share Price
- Genedrive Share Price
- SSE Share Price
- IAG Share Price
- Boohoo share price
- HE1 share price
- AVCT share price
- BOOM share price