Business News - RBS says it may sell unexpected assets

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RBS says it may sell unexpected assets

LONDON (UPI) -- The Royal Bank of Scotland, under pressure from the European Commission, said it may sell some unexpected assets to pay for it's government bailout.

The bank said Monday that it was considering "some divestments not initially contemplated," The Times of London reported.

In a statement, the bank said, "it remains RBS's goal that any required divestments do not threaten its recovery plan, which is already under way."

The European Union's Competition Commissioner Neelie Kroes is pushing the bank, which has been given $32 billion in bailout funds, to sell its 1,480 branch Citizens Financial Group, which gives it a significant retail bank presence in the United States.

In addition, Kroes is pushing RBS to sell its insurance businesses and the National Westminster Bank.

The Times said Chancellor of the Exchequer Alistair Darling is expected to make public Tuesday what assets RBS must sell.

Copyright 2009 by United Press International

This news arrived on: 11/02/2009

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