RBS to sell RBS (Luxembourg) to BlackFin Capital Partners
The Royal Bank of Scotland (RBS) is selling RBS (Luxembourg) S.A.(“RBSL”), its Luxembourg-domiciled independent management company and funds governance business, to BlackFin Capital Partners, a private equity firm specialised in the financial services sector, for an undisclosed amount.
Laurent Bouyoux, President of BlackFin Capital Partners, commented: “BlackFin is delighted to become RBSL’s new shareholder alongside its management team. Our common objective is to
capitalise on RBSL’s assets – a highly qualified team, a strong platform and a proven business model – to seize the growth opportunities arising in the asset management industry. BlackFin’s ambition is to position RBSL, for the long term, as the leading European independent player in its market.”
“We are very pleased that BlackFin Capital Partners is buying RBS (Luxembourg) S.A. This is a good outcome for customers and staff, and provides customers with certainty that we will continue to provide a market leading service,” said Revel Wood, Chief Executive Officer of RBSL.
Divesting RBSL is in line with the strategy to make RBS a smaller, more focused bank.
The completion of the deal is subject to approval of the Luxembourg regulator, Commission de Surveillance du Secteur Financier (“CSSF”), and is expected to complete in the fourth quarter of this year.
PricewaterhouseCoopers Luxembourg and Linklaters LLP are advising RBS. Arendt & Medernach is advising BlackFin Capital Partners.
Source: RBS Press Release