RBS winds down Greek business, sells shipping loans portfolio

London

ROYAL Bank of Scotland (RBS) is winding down its Greek operation and is putting its US$5 billion shipping loans portfolio up for sale as the group scales back non-core activities, finance sources familiar with the plans said last Friday.

The move, part of a wider strategy by RBS to shrink parts of its international business, comes as Greek Prime Minister Alexis Tsipras makes a last ditch effort to secure a bailout from international creditors and prevent a financial meltdown in the country.