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

Best junior stocks and shares ISA platforms
Isas

Best junior stocks and shares ISA platforms

A junior stocks and shares ISA is a great way to save for your child tax-efficiently. But it can be confusing deciding which investment platform to ch…
25 Nov 2022
Share tips of the week – 25 November
Share tips

Share tips of the week – 25 November

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
25 Nov 2022
Investing in a recession: 5 moves investors should make now
Investment strategy

Investing in a recession: 5 moves investors should make now

As we enter a recession, here’s what investors should do with their portfolios.
23 Nov 2022
It’s time to focus on Fuller’s
Share tips

It’s time to focus on Fuller’s

The pub sector has had a torrid two years, but this group is resilient and poised to prosper. We take a closer look at Fuller’s.
21 Nov 2022

Most Popular

Wood-burning stove vs central heating ‒ which is cheapest?
Personal finance

Wood-burning stove vs central heating ‒ which is cheapest?

Demand for wood-burning stoves has surged as households try to reduce their heating costs this winter. But how does a wood burner compare with central…
21 Nov 2022
Fan heater vs oil heater – which is cheaper?
Personal finance

Fan heater vs oil heater – which is cheaper?

Sales of portable heaters have soared, as households look to cut their energy costs. But which is better: a fan heater or an oil heater? We put them t…
21 Nov 2022
Santander launches new bank account – is it any good?
Bank accounts

Santander launches new bank account – is it any good?

Santander’s new accounts gives you up to £20 cashback a month and 4% interest rate on savings.
25 Nov 2022