Hoare Govett management eyes escape from RBS, rumour

Royal Bank of Scotland may have found a buyer for its UK corporate brokerage, Hoare Govett; Hoare Govett's own management.

Bloomberg is reporting that a management buyout, aided by Oriel Securities, could see the 90 year old company break free of its 83% state owned parent.

RBS is known to be keen to get rid of most of its investment banking activities as it seeks to carve out a new niche for itself, far removed from the heady days of expansion before the horrors of 2008.

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RBS shares are down 2.75% this morning as fears continue over the solvency of the European banking system.

BS