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RBS shrinks Irish arm with sale of £4.8b property debt

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CEO Ross McEwan says RBS's remaining smaller Irish business could deliver attractive returns in the future.

London

ROYAL Bank of Scotland (RBS) has sold £4.8 billion (S$9.85 billion) of Irish property loans to US private equity firm Cerberus, shedding a big chunk of problem loans under its plan to shrink its business in Ireland.

Cerberus made a second big bet on Tuesday on a recovery in