The Royal Bank of Scotland (NYSE: RBS) announced on Monday that it agreed to sell its factoring business to GE Capital, a subsidiary of General Electric (NYSE: GE)
The terms of the sale were not disclosed buy the transaction is expected to be complete by the third quarter.
RBS Factoring GmbH, located in Germany, had gross assets of about 169 million Euros or about $226 million as of the end of last year, according to RBS said in a statement to the London Stock Exchange.
The sale is part of an ongoing effort by the Royal Bank of Scotland to unload assets as part of joining the U.K.’s government asset protection scheme. The U.K. government controls 84% of RBS.
