January 18, 2011 5:59 PM SAST
RBS share price up on FTSE 100 after Priory sale announced
RBS share price up on FTSE 100 after Priory sale announced
Shares in RBS were up on the FTSE 100 in afternoon trading after the part-nationalised bank said it would be selling Priory Group for £925 million.
Priory, which specialises in mental health care, will be sold to private equity firm Advent International, in a deal which is expected to be completed in the first quarter of this year.
RBS said it expected gross equity proceeds of up to £133 million from the sale of its minority equity stake in Priory Group.
The sale comes as part of RBS' strategy of selling off non-core assets following its bailout by the British government during the financial crisis.
By 14:50 shares in RBS were up 0.43 per cent on the FTSE 100 to 42.46 pence per share.
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