RBS Sells an Additional $5.6 Billion American Loans to Mizuho

Photographer: Kiyoshi Ota/Bloomberg

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.

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