--Royal Bank of Scotland Group PLC (>> Royal Bank of Scotland Group) has agreed to sell the offshore operations of its Lombard asset finance unit to specialist lenders Shawbrook and Investec PLC (>> Investec) for 150 million pounds ($203.4 million), reports Sky News.
--The sale is being driven by new ring-fencing regulations, according to Sky sources, which mean the Channel Islands-based Lombard business can't be grouped with RBS's domestic retail business.
--Shawbrook and Investec will divide the Lombard assets between them, Sky says. RBS declined to comment to Dow Jones on Wednesday.
Full story: https://tinyurl.com/ybwn3xzg
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