Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

RBS Said to Seek Buyer for Unit That Manages Australian Schools

Don't Miss Out —
Follow us on:
RBS Said to Seek Buyer for Unit That Manages Australian Schools
RBS, based in Edinburgh, has sold assets including bank branches and its credit-card payment processing unit after taking 45.5 billion pounds ($69 billion) of government funding during the 2008 global financial crisis. Photographer: Mike Wilkinson/Bloomberg

July 16 (Bloomberg) -- Royal Bank of Scotland Group Plc, the U.K. lender shrinking its balance sheet after a government bailout, is studying the sale of a unit that manages 11 Australian schools, said a person with knowledge of the matter.

RBS is working with Rothschild on the sale and preliminary information has been sent to potential buyers, said the person, asking not to be identified as the details are private. The Axiom Education unit manages the schools in Victoria state and was set up as a public-private partnership worth A$255 million ($234 million) in 2008, according to the unit’s website.

RBS, based in Edinburgh, has sold assets including bank branches and its credit-card payment processing unit after taking 45.5 billion pounds ($69 billion) of government funding during the 2008 global financial crisis.

Yuk Min Hui, a spokeswoman for RBS in Hong Kong, didn’t return two calls seeking comment on the matter. The Wall Street Journal reported earlier today that RBS was considering selling the unit, citing an unidentified person.

To contact the reporter on this story: Brett Foley in Melbourne at bfoley8@bloomberg.net

To contact the editor responsible for this story: Philip Lagerkranser at lagerkranser@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.