RBS declines bid for branches - Banking - News | moneyfacts.co.uk


Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

RBS declines bid for branches

RBS declines bid for branches

Category: Banking

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

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

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.

What next?

Find out how to choose the best bank account by reading our guides to help you open and manage your bank account
Search all mortgages

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.