This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.theguardian.com/business/2016/sep/20/rbs-suffers-fresh-setback-in-williams-glyn-spin-off-deal
The article has changed 4 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| RBS suffers fresh setback in Williams & Glyn spin-off plan | |
| (35 minutes later) | |
| Royal Bank of Scotland’s attempts to spin off 315 branches have received another setback after one of the highest-profile bidders pulled out. | Royal Bank of Scotland’s attempts to spin off 315 branches have received another setback after one of the highest-profile bidders pulled out. |
| Santander, which originally had an agreement to buy the branches in 2012, has withdrawn from talks again in a blow to the latest efforts by the bailed-out bank to dispose of the branches. | Santander, which originally had an agreement to buy the branches in 2012, has withdrawn from talks again in a blow to the latest efforts by the bailed-out bank to dispose of the branches. |
| The 73% taxpayer-owned RBS has been instructed to spin off the branches – which it is rebranding Williams & Glyn – by the EU as a penalty for its 2008 taxpayer rescue. Lloyds Banking Group was required to sell off TSB, which after a brief period on the stock market has since been bought by Sabadell of Spain. | The 73% taxpayer-owned RBS has been instructed to spin off the branches – which it is rebranding Williams & Glyn – by the EU as a penalty for its 2008 taxpayer rescue. Lloyds Banking Group was required to sell off TSB, which after a brief period on the stock market has since been bought by Sabadell of Spain. |
| The disposal of W&G is proving troublesome and expensive for RBS, which stunned the City last month by admitting it was abandoning its attempt to float the business on the stock market. RBS has spent £1.5bn trying to carve out the branches, largely comprising NatWest locations in Scotland and RBS outlets in England and Wales, which employ 5,500. | The disposal of W&G is proving troublesome and expensive for RBS, which stunned the City last month by admitting it was abandoning its attempt to float the business on the stock market. RBS has spent £1.5bn trying to carve out the branches, largely comprising NatWest locations in Scotland and RBS outlets in England and Wales, which employ 5,500. |
| The new branch network has been a key plank of government plans to create fresh competition on the high street. It is thought to be valued at £1.3bn. | The new branch network has been a key plank of government plans to create fresh competition on the high street. It is thought to be valued at £1.3bn. |
| As the result of a complex deal agreed by RBS in 2013, after the first Santander talks broke down, the abandonment of the flotation means that the bailed-out bank is paying millions of pounds to a private equity consortium, which was due to back the share offering. The consortium includes the Church of England. | As the result of a complex deal agreed by RBS in 2013, after the first Santander talks broke down, the abandonment of the flotation means that the bailed-out bank is paying millions of pounds to a private equity consortium, which was due to back the share offering. The consortium includes the Church of England. |
| Other possible bidders for W&G branches include the Clydesdale and Yorkshire banking group, which was sold off by National Australia Bank earlier this year. | Other possible bidders for W&G branches include the Clydesdale and Yorkshire banking group, which was sold off by National Australia Bank earlier this year. |
| RBS and the UK arm of Santander declined to comment. | RBS and the UK arm of Santander declined to comment. |