RBS is to sell £115 billion of commercial property a year in a bid to reduce the amount of distressed assets it holds.
Royal Bank of Scotland (RBS) is looking to offload around £15 billion worth of
commercial development assets each year, it is claimed.
The nationalised
commercial mortgage lender is seeking to shed some of the distressed commercial properties that have caused it so much trouble, according to the Daily Telegraph.
RBS head of reconstruction and risk Nathan Bostock told the publication that the bank was making "good progress", having already sold some £64 billion of stock over the last 15 months.
This amounts to around 25 per cent of the total assets held by RBS before the financial crisis hit.
However, the RBS head of non-core Rory Cullinan told the Telegraph that impairments from commercial
property investment are expected to remain high.
RBS announced back in March that was "open for business" again in the
commercial lending sector, following the period of nationalisation.
Posted by Tess Nelson.
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