RBS sells historic tockbroker Hoare Govett to Jefferies

Royal Bank of Scotland has confirmed the sale of its historic UK stockbroking arm Hoare Govett to the US investment bank Jefferies. The pair have been in talks for weeks over the deal, which comes as RBS's chief executive, Stephen Hester, scales back dramatically the bank's investment banking division.

Hoare Govett came to RBS as part of ABN Amro, the Dutch giant bought in a catastrophic £45bn deal which led to the near-collapse of the bank.

Yesterday's sale was for an undisclosed "nominal" sum and about 50 employees will transfer.