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Loss on second sale to Japanese bank

RBS shrinks further with sale of US loan book

RBSRoyal Bank of Scotland Group has sold a second parcel of US loans to a Japanese bank as it continues to shrink its overseas interests.

The $5.6 billion package of corporate agreements have been offloaded to Mizuho Bank for $500 million, representing a $30m (£20m) loss.

Mizuho, a wholly-owned subsidiary of the Mizuho Financial Group, bought a $3bn portfolio of US and Canadian loans from RBS in February.

The second group of loans generated a profit after tax of about $20m in the year to 31 December 2014.

It means RBS has now sold two-thirds of its North American corporate loan portfolio.

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