RBS instructs Lazard to aid with £3bn real estate debt sell off
ROYAL Bank of Scotland (RBS) is gearing up to sell off £3bn of real estate loans made during the property boom, reports said yesterday.
The move, according to a story in the Financial Times, is the largest property disposal from its non-core banking business to date and is part of a five-year project to shed portions of the business it cannot afford to maintain.
RBS is working alongside Lazard to develop a structure to sell the vast portfolio of debt, according to the newspaper, marking the first time a UK lender has delivered a substantial amount of loans to the market since the crash.
The sale is part of a number of measures it intends to make as it attempts to offload some its debt.
RBS declined to comment on the sale and Lazard could not be reached for comment last night.