RBS to sell $6.1 billion worth of businesses

LONDON: Part-nationalized Royal Bank of Scotland says it plans to sell 3.8 billion pounds ($6.1 billion) worth of project finance assets to The Bank of Tokyo-Mitsubishi UFJ.

The bank said on Monday that it had signed a nonbinding morandum of understanding for the sale.

RBS says the project finance assets involve power, oil and gas, and infrastructure assets in Britain, Europe, the Middle East and Asia-Pacific.

RBS is disposing of non-core assets as it works toward returning to private ownership. The government now holds a stake of about 80 per cent in the bank.