Sunday 3 July 2011

Blackstone deal offloads £1.4bn of RBS's riskiest debt - Business News, Business - The Independent

Blackstone deal offloads £1.4bn of RBS's riskiest debt - Business News, Business - The Independent

Royal Bank of Scotland is preparing to offload £1.4bn of high-risk debt after striking a deal with the private equity company Blackstone.

Under the deal – expected to be signed off within days – Blackstone will take a 25 per cent stake in a new vehicle set up to hold the loans – which are some of the riskiest "non-core" assets on the state-owned bank's books. The 30 loans are largely commercial mortgages lent against property such as pubs, car dealerships, nursing homes and parking lots.

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