LONDON (Reuters) - Royal Bank of Scotland (RBS.L) has sold a further portfolio of North American loans to Mizuho (8411.T), as it continues to sell off unwanted international assets to focus on domestic lending.
RBS, which is 80 percent-owned by the British government, said the additional portfolio sold to Mizuho comprises $5.6 billion (3.69 billion pounds) of loan commitments. It will receive $500 million in cash from the sale, generating an overall loss from the disposal of around $30 million.
RBS agreed in February to sell U.S. and Canadian loan commitments to Mizuho, in a deal worth £3 billion, marking the largest move overseas by one of Japan’s top banks.
Reporting by Matt Scuffham, editing by Sinead Cruise