Royal Bank of Scotland Group Plc (RBS) hired real-estate investment bank Eastdil Secured LLC to advise on a possible sale of Irish assets, according to a person familiar with the matter.
The Edinburgh-based bank is preparing to sell 1 billion euro ($1.4 billion) of commercial real-estate assets, according to a person familiar with the matter, who requested anonymity because the sale isn’t yet public.
Jim Brown, chief executive of RBS’s Irish unit, Ulster Bank, said on Jan. 29 his division has to wind down 9 billion pounds ($14.8 billion) of assets being placed in an internal bad bank by the end of 2016. The lender won’t “flood” the market with assets, Brown told a U.K. parliamentary hearing.
Eastdil directors in London Riaz Azadi and David Poremba weren’t available for comment. In an e-mail response to questions, RBS declined to comment.
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