UK bailed-out lender Royal Bank of Scotland Group Plc (LON:RBS) has hired Rothschild to help it dispose of its Axiom Education business in Australia, according to an informed source cited by Bloomberg on Tuesday.
Axiom Education is the manager of 11 schools in the Victoria state and was established as a public-private partnership with a value of AUD255m (USD235m/EUR180m) in 2008, its website shows.
The insider told the news agency that RBS and its advisor had already dispatched initial information on the Australian unit to potential buyers.
The bank, which received GBP45.5bn (USD69bn/EUR52.4bn) aid from the UK government during the financial crisis in 2008, has been selling assets such as bank branches and its credit card processing business.
The Wall Street Journal also reported, citing an unnamed source, on RBS’ plan to dispose of Axiom Education.