RBS sells Luxembourg business to BlackFin
(24 August 2015 – Scotland) Royal Bank of Scotland Luxembourg (RBSL) to BlackFin Capital Partners, a private equity firm specialised in the financial services sector, for an undisclosed amount.
RBSL is Royal Bank of Scotland’s Luxembourg-domiciled independent management company and funds governance business.
BlackFin Capital Partners president Laurent Bouyoux said the company 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.”
Revel Wood, chief executive of RBSL said the company is 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 Wood.
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.
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