Royal Bank of Scotland to wind down shipping business

SEPTEMBER 21, 2016 — After trying to find a buyer for its shipping business for more than a year, the Royal Bank of Scotland (NYSE:RBS) has started to wind the unit down according to Reuters.

Reportedly, RBS had been looking to get $3 billion for the dominant part of the portolio, its Greek shipping loans.

"In line with the bank’s strategy to create a simpler, stronger, and more sustainable bank, better aligned to the needs of our customers in the U.K. and Western Europe, we are commencing the wind down of our shipping business," Reuters quotes an RBS spokesperson as saying.

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