Dutch bank ABN Amro has begun to clear up its balance sheet ahead of being taken over by the Royal Bank of Scotland-led consortium with the sale of a third of psychiatric hospitals chain The Priory to financial entrepreneur Lord Ashcroft, deputy chairman of the Conservative Party.

ABN Amro has sold 33.6% of The Priory's operating company for £44m (€63.3m). Lord Ashcroft has taken a 32.5% directly and a further 1.1% via Global Health Partners, which is listed on London's Alternative Investment Market and is one third-owned by Ashcroft.