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RBS sells Luxembourg funds business to private equity firm BlackFin

Published 18/08/2015, 16:47
© Reuters. A logo at a branch of the Royal Bank of Scotland is seen reflected in a window in the City of London
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LONDON (Reuters) - British state-backed lender Royal Bank of Scotland (L:RBS) has sold its Luxembourg-based funds business to BlackFin Capital Partners, a private equity firm that specialises in financial services.

RBS said on Tuesday it had sold its Luxembourg UCITS and alternative investment management company and funds governance business to BlackFin for an undisclosed amount. The business had 28.5 billion euros (20 billion pounds) of assets under administration at the end of 2014.

© Reuters. A logo at a branch of the Royal Bank of Scotland is seen reflected in a window in the City of London

RBS said the sale is in line with its strategy to become a smaller bank mainly focussed on UK retail and corporate banking.

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