Reuters has reported that the Royal Bank of Scotland is beginning to terminate its Greek operation and is putting its $5 billion shipping loans portfolio up for sale as the group scales back non-core activities, according to sources close to the situation.
According to Reuters, this move is part of a larger strategy by RBS to cut back on its international business, including interests in the Middle East, Africa, Asia and parts of Europe.
Reuters’ sources estimate the RBS portfolio in Greece to be worth approximately $5 billion.
Read the full report here.
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