Royal Bank of Scotland (RBS) has not earned a profit since 2007, which has forced the bank to shrink in size by selling assets to buyers.

 

In the past, the bank has successfully sold many of its assets in an effort to raise capital, but now it is struggling to find buyers. Reuters reports the bank cannot find a willing buyer for its global shipping finance business. Without a buyer, the bank is forced to wind down its shipping financing.

 

"In line with the bank’s strategy to create a simpler, stronger, and more sustainable bank, better aligned to the needs of our customers in the U.K. and Western Europe, we are commencing the wind down of our shipping business," a spokesperson told Reuters.

 

That will likely mean job cuts, although RBS told Reuters it will work on "re-deploying people into other positions where we can."

 

RBS has also failed to sell retail branches to Spanish bank Santander (SAN), according to Sky News. Santander has grown its presence in Britain after the bank purchased British banks Abbey National, Alliance & Leicester and Bradford & Bingley in 2004 and 2008. The Spanish bank was rumored to purchase the branches, although rumors have also circulated that British banks TSB and CYBG are also looking to acquire the assets.

 

RBS must sell over 300 branches by the end of 2017 in accordance with European Union rules following the bank's bailout following the 2007-2008 global financial crisis.

 

Since 2012, RBS' total assets have fallen from $1.3 trillion to $815 billion, a a 37% decline. At the same time, the company has also lowered its debt load from $1.2 trillion to $762 billion, although the company's debt-to-asset ratio has remained roughly constant at around 94%.

 

While the bank remains unprofitable, its losses have declined over the last four years, from an EPS of -53 cents per share in 2012 to -31 cents per share in 2015.

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