Advertisement

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.

Advertisement - Article continues below

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.

Advertisement
Advertisement

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
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Can Rishi Sunak save the economy with stamp duty cuts and half-price meal deals?
UK Economy

Can Rishi Sunak save the economy with stamp duty cuts and half-price meal deals?

John Stepek runs his eye over the chancellor's £30bn stimulus package and asks if it's enough to get the economy back on its feet after months of lock…
9 Jul 2020
An economics lesson from my barber
Inflation

An economics lesson from my barber

On reopening his shop after lockdown, Dominic Frisby’s barber doubled his prices. It’s all part of the post-Covid inflation process – and we’re going …
8 Jul 2020
What gold, bonds and tech stocks have in common
Stockmarkets

What gold, bonds and tech stocks have in common

"Risk off" or "safe haven" assets such as gold and government bonds have been doing well lately. But so have riskier tech stocks. That seems to defy c…
10 Jul 2020