UPDATE 1-RBS pushes ahead with disposals, sells French unit

* RBS sells French factoring unit to GE Capital

* Unit had been tagged as non-core

* Price of sale not disclosed
(Adds details, background)

LONDON, May 19 (BestGrowthStock) – Britain’s part-nationalised Royal
Bank of Scotland (RBS.L: ) pushed ahead with its disposal plans on
Wednesday, selling its French factoring unit to GE Capital, a
unit of General Electric (GE.N: ), for an undisclosed sum.

RBS Factor had been tagged as a non-core asset over a year
ago, when the bailed-out UK bank first outlined its turnaraound
plans, and RBS had since been seeking a buyer. The unit had
gross assets of around 606 million euros at the end of December.

Wednesday’s sale completes the disposal of the bank’s
factoring businesses across Europe, after it sold its German
factoring unit to GE Capital earlier this year.

Factoring, long a form of business financing, typically
involves a business owner selling accounts receivable to a third
party at a discount, to raise capital.

RBS Factor is a top 10 provider of accounts receivable
finance in France, processing more than three million invoices a
year.

Investing Research

(Reporting by Clara Ferreira-Marques; Editing by Hans Peters)

UPDATE 1-RBS pushes ahead with disposals, sells French unit