RBS sells Lombard assets for $203 million: Sky News

Britain’s Royal Bank of Scotland (RBS.L) has sold offshore assets from its asset financing group Lombard to specialist lenders Investec and Shawbrook Bank for 150 million pounds ($203.4 million), Sky News reported on Wednesday.

The state-backed bank put around 200 million pounds worth of assets up for sale in October in order to comply with new ring-fencing rules coming into force in 2019.

They are intended to separate banks’ retail operations from riskier businesses such as investment banking.

The rules mean RBS’s UK retail business cannot own assets outside of the European Economic Area (EEA). The assets are currently held in the Channel Islands.

RBS declined to confirm the Sky News story. Investec and Shawbrook were not available for immediate comment.