Sale agreed for RBS Luxembourg
RBS's Luxembourg-domiciled independent management company and funds governance business RBSL is to be bought by private-equity firm BlackFin Capital Partners.
The sale was announced by RBS on August 18 for an undisclosed figure.
“Our common goal is to capitalise on the strengths of the company, a highly qualified team, a solid platform and a proven business model, in order to seize new growth opportunities emanating from the area of asset management,” BlackFin Capital Partners President Laurent Bouyoux said, adding: “The ambition is to position RBSL BlackFin for the long-term as a leading company in Europe for the management of third parties.”
According to its website, BlackFin is a private equity firm dedicated to financial services including distribution and brokerage of financial products, asset management, electronic banking, BPO, internet finance and capital markets.
It has offices in Brussels and Paris.
The sale comes after the Scottish bank announced its withdrawal from 25 countries in order to reduce the scope of its activities and its volume of assets.
PwC Luxembourg, which was one of the consulting firms used by RBS to manage the sale of the subsidiary, said earlier this year that 20 offers had been made to purchase RBSL.
The transaction remains subject to the approval of Luxembourg regulator the Financial Sector Supervisory Commission. It is expected to close during the fourth quarter of the year.
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