RBS sells non-core Spanish portfolio

Royal Bank of Scotland has sold a portfolio of Spanish real estate loans and assets to Perella Weinberg as part of plans by the bailed-out bank to dispose of its non-core assets and strengthen its balance sheet. The bank did not reveal how much it had made from the sale, but said the portfolio had a par value of €286m (£248m).

RBS, which is 83 per cent state-owned after it was bailed out by the British taxpayer at the height of the financial crisis, was advised on the deal by its own global banking and markets division.