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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Royal Bank of Scotland Group    RBS   GB00B7T77214

ROYAL BANK OF SCOTLAND GROUP (RBS)
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Royal Bank of Scotland : RBS sells $270 million worth of Lombard loans to Investec and Shawbrook

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01/03/2018 | 04:52pm CEST
FILE PHOTO: Royal Bank of Scotland signs are seen at a branch of the bank, in London

LONDON (Reuters) - Britain's Royal Bank of Scotland (RBS) has sold offshore loans held by its Lombard Finance subsidiary to specialist lenders Investec and Shawbrook Bank, an Investec spokesman said on Wednesday.

State-backed RBS put around 200 million pounds worth of Channel Island assets up for sale in October in order to comply with new ring-fencing rules coming into force in 2019.

The rules require UK banks to separate retail operations from other riskier businesses such as investment banking to protect depositors money.

Together, Investec and Shawbrook will take over the loans, which were provided to businesses to buy assets such as machinery, ships or aircraft.

"This is part of our long-term strategy to increase the specialist finance services we can provide to our clients," the Investec spokesman said.

Sky News, which first reported the deal, said it was worth around 150 million pounds.

RBS declined to comment.

(Editing by Jason Neely and Elaine Hardcastle)

By Emma Rumney

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Financials (GBP)
Sales 2018 13 007 M
EBIT 2018 5 105 M
Net income 2018 1 527 M
Debt 2018 -
Yield 2018 2,68%
P/E ratio 2018 18,62
P/E ratio 2019 12,29
Capi. / Sales 2018 2,26x
Capi. / Sales 2019 2,23x
Capitalization 29 398 M
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 3,07  GBP
Spread / Average Target 26%
EPS Revisions
Managers
NameTitle
Ross Maxwell McEwan Chief Executive Officer & Executive Director
Howard John Davies Chairman
Mark Bailie Chief Operating Officer
Katie Murray Chief Financial Officer
Brendan R. Nelson Independent Non-Executive Director
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