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RBS selling off portfolio of loans

Royal Bank of Scotland said it had agreed to sell a portfolio of loans to an entity funded by Deutsche Bank and funds affiliated with Apollo Global Management.

The loans are part of Project Finn, which includes commercial property in Ireland.

The British bank said it will receive £400m (€570m) in cash at current exchange rates and the deal is expected to complete in September. The disposal is part of RBS's continued selldown of unwanted assets as part of the chief executive's plan to simplify the bank.