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RBS to sell asset management assets

Royal Bank of Scotland is selling the majority part of its £50bn asset management arm in an effort to minimise its dependency on the Government, according to reports.

The 70 per cent state owned bank is planning to break up RBS Asset Management which has an estimated £30bn of assets by retaining private bank Coutts and selling part of the other unit for £300m.

The disposal comes as the bank considers a number of fundraising actions including a rights issue to raise capital towards the cost of participating in the Government’s Asset Protection Scheme.

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