RBS prepares to offload fifth of assets

The bank, in which the Government has a 68% stake, will divide its business into a profitable core, with problematic subsidiaries and assets placed into a non-core division, often known as a 'bad bank'. RBS is expected to sell off around £200bn worth of assets, including many of its international operations. It will sell the Asian and Australian operations acquired as part of 2007's acquisition of ABN Amro, along with parts of its American business. RBS will keep its Churchill and Direct Line insurance arms after failing to find a buyer. Around 20,000 jobs will be lost as part of the...