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Royal Bank of Scotland ready to sell sub-prime lender

A subsidiary of Royal Bank of Scotland is understood to have put its stake

in sub-prime lender i group, formerly known as Ocwen, up for sale.

Royal Bank of Scotland Development Capital owns 49 per cent of i group

shares which it is said to have offered without success to several

sub-prime lenders, believed to include Platform Home Loans and RFC.

However, i group denies RBS is trying to sell the shares which it acquired

last year.

Platform says it does not comment on such issues.

But one sub-prime lender source says: “We are aware the i group shares are

up for sale.”

As Ocwen UK, the company was dogged by the reputation of thousands of City

Mortgage Corporation loans on its books. The loans were widely critici-sed

for high interest rates and harsh redemption penalties.

Ocwen changed its name to i group in April to distance itself from its old

image.

A Royal Bank of Scotland Development Capital spokesman says: “We never

comment on speculation of this kind. We are happy with our investment in i

group. Credit Suisse and First Boston have been appointed by i group to

advise them on how to grow the business.”

i group spokesman Tony Yorke says: “We have done £1bn-worth of

business thisyear and RBS are very happy with us.”

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