Royal Bank of Scotland (RBS) has reached an agreement to sell its Luxembourg-based funds business to BlackFin Capital Partners for an undisclosed amount, the bank said on Tuesday; the business sold had €28.5bn of assets under administration at the end of 2014. The deal is expected to close in early 2017, subject to regulatory approvals, RBS said.
Royal Bank of Scotland (RBS) has reached an agreement to sell its Luxembourg-based funds business to BlackFin Capital Partners for an undisclosed amount, the bank said on Tuesday; the business sold had €28.5bn of assets under administration at the end of 2014. The move continues RBS's withdrawal from non-core operations.