RBS Said to Seek Buyer for Unit That Manages Australian SchoolsBrett Foley
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.