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RBS declines bid for branches

RBS declines bid for branches

Category: Banking

Updated: 31/05/2013
First Published: 31/05/2013

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Royal Bank of Scotland (RBS) has reportedly rejected an offer to purchase over 300 of its high street branches.

According to reports, the state-owned bank turned down a joint bid from the private equity company, JC Flowers, and the investment management firm Apollo Global Management, both based in the US.

The news follows the collapse of a proposed £1.65 billion deal with Santander in October last year. The Spanish bank claimed it had pulled out of talks to buy the branches as a result of ongoing concerns over the intended completion date and implementation process.

Rumours have since circulated of both JC Flowers and Virgin Money showing an interest in purchasing the branches.

RBS is obliged to sell off all 316 branches by the end of 2014 as part of an agreement with the European Committee in return for its multi-billion pound Government bail out in 2008.

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