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RBS in £1.6bn legacy loans sale
Royal Bank of Scotland is set to sell £1.6bn of unwanted legacy loans as the bank focuses on making disposals from its remaining £150bn of non-core banking business. The bank, which is set to report its full-year results on Thursday, is expected to report a pre-tax loss of around £600m for 2010. According to a Financial Times report, RBS has asked a small number of private equity groups to sign a non-disclosure agreement to open the process to firm bids for the loans. The sale of the commercial property loans is smaller than expected as the bank had talked of a sale of up to £3bn, but it would still be the largest property loan sale of its kind attempted in the UK.