Home Banking RBS looking to sell $5 bln Greek shipping loan business

RBS looking to sell $5 bln Greek shipping loan business

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WP_20150529_082LONDON/ATHENS, July 10 (Reuters) – Royal Bank of Scotland is winding down its Greek operation and is putting its $5 billion shipping loans portfolio up for sale as the group scales back on non-core activities, finance sources familiar with plans said on Friday.

For decades, RBS has been a top lender to the global shipping industry and its Greek office – with an estimated 60
staff members – has played a pivotal role.

“We won’t be around for much more in Greece. RBS is slowly closing up operations here, ” one source at RBS said.

“The shipping business is up for sale. They have decided to sell it, if there is a buyer by December.”
RBS, which briefly became the world’s biggest bank after an acquisition binge under former chief executive Fred Goodwin, has undergone a complex restructuring to focus on lending to British households and businesses.

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