RBS sells some fund assets to focus on core business

RBS is selling off non-core operations as it battles to recover from a bruising financial crisis that has left it 84 per cent state owned.

"This transaction represents another step in our plan to restructure RBS around its core customer franchises," RBS chief financial dfficer Bruce Van Saun said in a statement.

RBS is also looking to sell its 51 per cent stake in commodities joint venture RBS Sempra and together with its partner Sempra Energy has received bids from a trio of banks worth nearly $4 billion, according to sources.

Aberdeen said it would place about 84 million new shares, representing about 8.3 per cent of its current share capital, in order to raise the cash it needs to fund the deal.