Report: RBS looking to sell Ulster to P-E firm

|By:, SA News Editor

The Royal Bank of Scotland (NYSE:RBS) is looking to retreat from Ireland as it considers selling Ulster Bank to a private equity firm, Reuters reports quoting the Irish Examiner.

The newspaper mentions that private equity firms KKR (NYSE:KKR) or Apollo (NYSE:APO) would be the most likely candidates to buy the bank.

The sale is dependent on the stipulations involving Ulster's distressed assets, but a price of $673M-$3.4B is expected.