LONDON ( TheStreet) -- Royal Bank of Scotland ( RBS) agreed to sell its factoring business to GE Capital, a unit of General Electric ( GE). The transaction is expected to be completed by the third quarter. Terms of the sale weren't disclosed. RBS Factoring GmbH, located in Germany, had gross assets of about 169 million euros ($226 million) as of Dec. 31, 2009, RBS said in a statement to the London Stock Exchange. The sale is part of Royal Bank of Scotland's five-year strategic plan to unload assets as part of joining the U.K.'s government asset protection scheme. The U.K. government controls 84% of RBS. -- Reported by Joseph Woelfel in New York. Follow TheStreet.com on Twitter and become a fan on Facebook.