US investment firm to bid at RBS branch auction

A US private equity firm is looking to swoop in on the auction of more than 300 Royal Bank of Scotland branches, according to Sky News Tuesday.

A US private equity firm is looking to swoop in on the auction of more than 300 Royal Bank of Scotland branches, according to Sky News Tuesday.

Centerbridge Partners is understood to have teamed up with UK buyout firm Corsair Capital in recent weeks to look at making offer for the state-backed lender's branches.

It was unclear whether they will make a formal offer for the business.

Centerbridge raised its first fund in 2006 worth $3.2bn and invested capital in companies including troubled car parts-maker Dana.

The company recently opened an office in London to take advantage of struggling businesses in need of rescuing.

The rumoured joint bid from Centerbridge and Corsair is not the first private-equity backed offer for the branches.

Apollo Management and JC Flowers have also joined forces, while Virgin Money is also looking at making a bid.

RBS needs to sell the branches to pay back £45.5bn of taxpayers' money it used to bail itself out during the 2008 banking crisis.

The bank has until the end of the year but said it was likely to ask the European Commission for permission to extend its deadline.

RD

Recommended

Britain’s ten most-hated shares – w/e 20 May
Stocks and shares

Britain’s ten most-hated shares – w/e 20 May

Rupert Hargreaves looks at Britain's ten-most hated shares, and what short-sellers are looking right now.
23 May 2022
Britain's most-bought shares w/e 20 May
Stocks and shares

Britain's most-bought shares w/e 20 May

A look at Britain's most-bought shares in the week ending 13 May, providing an insight into how investors are thinking and where opportunities may lie…
23 May 2022
Director dealings w/e 20 May: what company insiders are buying and selling
Stocks and shares

Director dealings w/e 20 May: what company insiders are buying and selling

Directors’ share dealings can often give investors an insight into the sentiment of company insiders. Here are some of the biggest deals by company di…
23 May 2022
Three high-yielding FTSE 250 dividend stocks I’d invest in right now
Share tips

Three high-yielding FTSE 250 dividend stocks I’d invest in right now

The average FTSE 250 dividend yield is around 2.4%., but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income inve…
23 May 2022

Most Popular

Imperial Brands has an 8.3% yield – but what’s the catch?
Share tips

Imperial Brands has an 8.3% yield – but what’s the catch?

Tobacco company Imperial Brands boasts an impressive dividend yield, and the shares look cheap. But investors should beware, says Rupert Hargreaves. H…
20 May 2022
Barry Norris: we’re already in the 1970s. Here’s how to invest
Investment strategy

Barry Norris: we’re already in the 1970s. Here’s how to invest

Merryn talks to Barry Norris of Argonaut capital about the parallels between now and the 1970s; the transition to “green” energy; and the one sector w…
19 May 2022
Share tips of the week – 20 May
Share tips

Share tips of the week – 20 May

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
20 May 2022