Royal Bank of Scotland Group PLC said it has sold its factoring business in France to GE Capital for an undisclosed amount, marking its latest step in plan to dispose non-core assets and eventually shed its state support.
The bank said the unit, RBS Factor SA, had EUR606 million in assets at Dec. 31.
GE Capital earlier this year bought a similar business from RBS in Germany.
"The sales complete the disposal of our factoring businesses in continental Europe and represent further progress against the RBS strategic plan. The group continues to advance on a number of fronts in the disposal of its non-core assets," RBS said in a statement.
The bank said it will still have a significant presence in France after the expected completion of the sale in the third quarter, providing financing, advisory and risk management services to companies, banks and public sector entities.
RBS Factor SA employs 121 people and has offices in Paris, Lille, Strasbourg, Lyon, Aix en Provence, Toulous and Nantes.
RBS is 83% government-owned after bailouts in 2008 and 2009 that included GBP46 billion in capital injections. It laid out a plan in February 2009 to dispose of assets it deemed non-core, including the European factoring business.
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