Partly Cloudy

Partly Cloudy

max temp: 11°C

min temp: 6°C

Search

Royal Bank of Scotland outlines plan to sell banking arm

PUBLISHED: 09:31 16 December 2015 | UPDATED: 09:31 16 December 2015

Royal Bank of Scotland has confirmed plans to put its Williams & Glyn banking arm up for sale.

Royal Bank of Scotland has confirmed plans to put its Williams & Glyn banking arm up for sale.

Archant

Royal Bank of Scotland has confirmed plans to put its Williams & Glyn banking arm up for sale after receiving approaches from potential suitors.

The part-nationalised bank said it had received a number of informal approaches and would launch a sale in the first half of next year, which would run alongside preparations for a stock market listing should it fail to sell the business.

RBS must sell the Williams & Glyn network of 300 branches by the end of 2017 under European Union rules on state aid following the bank’s £45 billion bailout at the height of the financial crisis.

It is thought Williams & Glyn could be worth more than £1.5 billion

Reports suggest buyers could be rival banks from the UK and Europe.

Williams & Glyn has 1.8 million customers, net loans and advances to customers of £20 billion and savings deposits of £24 billion as at the end of September.

RBS said it remains committed to the EU deadline to offload Williams & Glyn, with aims to agree a sale by the end of neat year, with the deal finalised by the end of 2017.

It submitted a banking licence application for the Williams & Glyn arm at the end of September and aims to separate it out from the main RBS business in the first quarter of 2017.

Chief executive Ross McEwan said: “Separating out the Williams & Glyn business is a complex process, but we remain focused on meeting our state aid obligation, achieving full divestment by the end of 2017, and reaching the best outcome for shareholders, customers, and staff.”

Most Read

Most Read

Latest from the East Anglian Daily Times

Hot Jobs

Show Job Lists