Bloomberg reports that RBS is said to be narrowing the field for bidders for 300-plus branches.

Royal Bank of Scotland Group has begun to go through bidders for the 316 branches that regulators are forcing it to sell as UK fund managers face off against offers from US private equity firms, Bloomberg news agency reported unnamed people with knowledge of the discussions as saying.

Royal Bank of Scotland Group has begun to go through bidders for the 316 branches that regulators are forcing it to sell as UK fund managers face off against offers from US private equity firms, Bloomberg news agency reported unnamed people with knowledge of the discussions as saying.

The news agency claimed that a group of 20 UK institutions - including Schroders Plc and F&C Asset Management Plc - were expected to submit a bid before tonight's deadline, citing two unnamed people, who it said had asked not to be identified as the talks were private.

Again citing unnamed individuals, the news agency further reported that JC Flowers & Co., would make an offer with Apollo Global Management LLC, adding that Centerbridge Partners could team up with Corsair Capital.

Bloomberg said the people said that AnaCap Financial Partners LLP would make a separate offer and added that one person had said that Virgin Money Holdings (U.K.) might also bid.

RBS has to sell the outlets by 2014 to comply with European Union state-aid rules after receiving £45.5bn in a bank bailout in 2008 and 2009.

Bloomberg reported that officials at RBS, Centerbridge, AnaCap, Corsair, Virgin, JC Flowers and Apollo declined to comment. Officials at F&C and Schroders didn't immediately respond to requests for comment.

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Why we won’t see a house-price crash in 2021
House prices

Why we won’t see a house-price crash in 2021

Lockdown sent house prices berserk as cooped up home-workers fled for bigger properties in the country. And while they won’t rise quite as much this y…
18 Jan 2021
Inflation is the easiest way out of this – just don’t expect politicians to admit it
Inflation

Inflation is the easiest way out of this – just don’t expect politicians to admit it

The UK government borrowed £34.1bn in December, a record amount for that month. Britain's debt pile now amounts to 100% of GDP. How are we going to pa…
22 Jan 2021
When will the US stockmarket bubble burst?
US stockmarkets

When will the US stockmarket bubble burst?

With US stocks more expensive than before the Wall Street crash of 1929, there are growing signs of “mania”. But what will push markets over the edge?
22 Jan 2021