The buyers of the Channel Islands business are Investec and Shawbrook, the specialist business lenders, which have agreed to divide the Jersey and Guernsey assets between them.
Investec will also take on the Lombard loans in the Isle of Man and Gibraltar, according to Sky News.
Shawbrook, a challenger bank, was formerly chaired by past chairman of RBS Sir George Mathewson.
It is said that the disposal of Lombard has been hastened by new ring-fencing rules coming into force next year which will force banks to clearly divide their retail and non-retail operations.
KPMG has advised on an auction of the business and followed RBS’s decision to close the Lombard unit in Gibraltar, Guernsey and Jersey to new business.
Lombard Finance is one of Britain’s biggest asset finance providers, lending £6 billion in 2015 against assets such as vehicles, manufacturing plant and technology.
Selling the unit is the latest move in a list of asset disposals by RBS. It sold Euroclear, the financial markets infrastructure group, to the owner of the New York Stock Exchange, and Worldpay, the payments processing business.