Shares in RBS were up on the FTSE 100 in afternoon trading after the part-nationalised bank said it would be selling Priory Group for £925 million.

Priory, which specialises in mental health care, will be sold to private equity firm Advent International, in a deal which is expected to be completed in the first quarter of this year.

RBS said it expected gross equity proceeds of up to £133 million from the sale of its minority equity stake in Priory Group.

The sale comes as part of RBS' strategy of selling off non-core assets following its bailout by the British government during the financial crisis.

By 14:50 shares in RBS were up 0.43 per cent on the FTSE 100 to 42.46 pence per share.

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