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| Version 1 | Version 2 |
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| RBS sells 314 bank branches to Corsair consortium | RBS sells 314 bank branches to Corsair consortium |
| (about 1 hour later) | |
| The Royal Bank of Scotland has agreed to sell 314 bank branches for £600m to the Corsair consortium, which includes Church of England investment. | The Royal Bank of Scotland has agreed to sell 314 bank branches for £600m to the Corsair consortium, which includes Church of England investment. |
| They serve some 250,000 small business customers, 1200 medium-size businesses and 1.8 million retail customers. | They serve some 250,000 small business customers, 1200 medium-size businesses and 1.8 million retail customers. |
| The deal was forced on RBS by the European Commission as a condition of its 2008 state bailout, which left RBS 81%-owned by the taxpayer. | The deal was forced on RBS by the European Commission as a condition of its 2008 state bailout, which left RBS 81%-owned by the taxpayer. |
| It will see the Williams and Glyn's name back on the High Street. | It will see the Williams and Glyn's name back on the High Street. |
| Ethics | |
| The business will eventually be sold as a stand-alone public company in 2015 at the earliest. | The business will eventually be sold as a stand-alone public company in 2015 at the earliest. |
| Its partly state-owned rival, Lloyds, was also forced recently to divest itself of a large number of branches, which have been rebranded as TSB, another revived banking name. | Its partly state-owned rival, Lloyds, was also forced recently to divest itself of a large number of branches, which have been rebranded as TSB, another revived banking name. |
| It will also be sold as a separate business in around a year's time. | It will also be sold as a separate business in around a year's time. |
| The consortium buying Williams & Glynn is made up of the financial firms Corsair Capital, Centerbridge Capital, RIT Capital Partners and the Church Commissioners, who are responsible for managing a £5.5bn investment portfolio that supports the Church of England's work across the country. | |
| It supports poorer dioceses, bishops and missionary work as well as some clerical pensions. | |
| Church commissioner, Andreas Whittam Smith, said the bank would be run along strong moral principles: "The Church Commissioners are excited to have the opportunity to be involved in creating a UK challenger bank operating to the highest ethical standards and giving consumers more choice." | |
| New banks | |
| BBC business editor, Robert Peston, says the formal separation of Williams & Glyn's by RBS is at least a year behind the separation of TSB by Lloyds. | BBC business editor, Robert Peston, says the formal separation of Williams & Glyn's by RBS is at least a year behind the separation of TSB by Lloyds. |
| He says RBS will not rebrand the 300 plus branches till 2015, which implies the stock market listing can't be till late 2015 or even 2016. | He says RBS will not rebrand the 300 plus branches till 2015, which implies the stock market listing can't be till late 2015 or even 2016. |
| RBS had originally agreed to sell the branches to Santander for about £1.65bn, but the deal collapsed last year. | RBS had originally agreed to sell the branches to Santander for about £1.65bn, but the deal collapsed last year. |
| Last week, RBS sold its Direct Line insurance business for a similar sum, in another move ordered by the Commission as a condition of its receiving state aid. | Last week, RBS sold its Direct Line insurance business for a similar sum, in another move ordered by the Commission as a condition of its receiving state aid. |