Royal Bank of Scotland Group Plc, Britain’s biggest publicly owned lender, agreed to sell an additional $5.6 billion of North American loans to Japan’s Mizuho Financial Group Inc.
The bank will receive about $500 million in cash for the sale, Edinburgh-based RBS said in a statement on Monday. It expects to log a loss of about $30 million on the disposal.
Mizuho Financial initially bought a portfolio of loans to about 200 North American companies from RBS in February for about $3 billion as part of a push to expand its business with more companies.
“Together with the announced sale to Mizuho in late February, approximately two-thirds of our North American corporate loan portfolio and associated commitments identified for exit have now been disposed of,” RBS said.