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Nationwide BS eyes up RBS branches

Nationwide BS eyes up RBS branches

Category: Banking

Updated: 22/10/2012
First Published: 22/10/2012

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Nationwide Building Society is planning on bidding for 316 Royal Bank of Scotland branches, according to reports by the Sunday Times.

The mutual is believed to be considering the purchase of the branches from RBS prior to late 2014, by which time the bank must sell the branches or be fined by European regulators.

The Government ordered RBS to sell the branches as a result of the bank's bailout in 2008 and to boost high street competition.

Santander was initially set to buy the branches in a £1.6 billion deal, however, the sale collapsed after the Spanish bank pulled out.

Other institutions rumoured to be interested in acquiring the branches are Virgin Money and the private equity firm JC Flowers.

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