Posts tagged "RBS"

Scottish independence: Cable says RBS would have to move to London

Scottish independence: Cable says RBS would have to move to London

‘I would have thought they would become a London bank which would be symbolically quite important,’ says business secretary. Read more…

Posted by admin - February 6, 2014 at 10:08

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NatWest and RBS cards declined due to IT meltdown on Mega Monday

NatWest and RBS cards declined due to IT meltdown on Mega Monday

Bailed-out banks face angry backlash from customers unable to pay for goods or use their accounts for second time this year. Read more…

Posted by admin - December 3, 2013 at 08:24

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RBS accused of pushing small businesses to the edge to boost profits

RBS accused of pushing small businesses to the edge to boost profits

Dossier claims business assets were seized cheaply amid call to end turnaround arm’s ‘conflict of interests’. Read more…

Posted by admin - November 25, 2013 at 08:46

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RBS sells 314 branches to church-backed Corsair consortium

RBS sells 314 branches to church-backed Corsair consortium

Corsair deal will see revival of William and Glyn’s name, but exact price bailed-out bank receives will not be known until flotation. Read more…

Posted by admin - September 28, 2013 at 10:26

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Church-backed consortium leads bids for RBS branches

Church-backed consortium leads bids for RBS branches

RBS has to sell 315 branches under terms imposed by EU during the £45bn taxpayer bailout of 2008-09. Read more…

Posted by admin - September 21, 2013 at 10:34

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Cost of splitting RBS could outweigh benefits, says Fitch

Cost of splitting RBS could outweigh benefits, says Fitch

Fitch conclusion comes after analysis is commissioned to see if breaking up bank would make it easier to pump credit into economy. Read more…

Posted by admin - August 15, 2013 at 09:20

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RBS sell-off investigation ruled out

RBS sell-off investigation ruled out

Government admits prospect of selling off bank remains distant, despite speculation over potential sale of rival group Lloyds. Read more…

Posted by admin - July 9, 2013 at 08:23

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RBS chief executive Stephen Hester quits with £1.6m-plus payoff

RBS chief executive Stephen Hester quits with £1.6m-plus payoff

Hester, parachuted into the bailed bank during the 2008 crisis, will stand down at end of year as RBS prepares for privatisation. Read more…

Posted by admin - June 12, 2013 at 19:22

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Osborne urged to distribute RBS and Lloyds shares among voters

Osborne urged to distribute RBS and Lloyds shares among voters

Government stake should be sold off using scheme in which those who apply pay for shares at later date, says thinktank. Read more…

Posted by admin - June 10, 2013 at 09:17

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Royal Bank of Scotland narrows proposals to buy 315 of its branches

RBS rejects joint proposal by US private equity firms JC Flowers and Apollo, but will contact other bidders in next few days

Royal Bank of Scotland has narrowed a shortlist of prospective bidders for hundreds of branches it must sell, with JC Flowers and Apollo dropping out of the race, sources familiar with the matter said.

The part-nationalised bank told the US private equity firms this week that their joint proposal had not been successful, the sources said. RBS is expected to contact other bidders in the next few days.

RBS has to sell 315 branches as a condition of receiving a £45.8m bailout during the 2008 financial crisis that left it 82% owned by the government. A planned £1.65bn sale to Santander collapsed last October.

A proposal from several of Britain’s biggest investment firms, fronted by former Tesco finance director Andrew Higginson, remains in the running, one of the sources said, along with a proposal from US private equity firms Centerbridge Partners and Corsair Capital. Virgin Money is waiting for a response to its proposal from RBS.

RBS may finalise a shortlist next week but the timetable for an eventual sale remains uncertain given the different types of proposals being considered.

RBS is preparing the business, code named Rainbow, for a stock market flotation but is open to the idea of having cornerstone investors on board before an initial public offering. The bank has said a sale this year is now unlikely, meaning it will have to ask European regulators to extend a December 2013 deadline.

UBS is advising RBS on the sale. RBS, UBS and JC Flowers declined to comment on the process.


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Posted by admin - May 30, 2013 at 20:18

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