DCSIMG

City firms mull bid for RBS assets

a NUMBER of financial institutions are believed to be exploring a move for more than 300 bank branches which Royal Bank of Scotland (RBS) is selling.

Schroders and Threadneedle Investments are said to be considering a joint bid alongside Canaccord Genuity, the City broking firm, and Fiske, another broker, according to City sources.

The 316 branches were put back on the market after Spanish bank Santander withdrew from negotiations despite agreeing to pay £1.6 billion.

The deal collapsed over claims by Santander that integrating the IT systems was not sufficiently advanced.

It is understood that a consortium is being put together but it was not clear yesterday if it involves those mentioned.

One theory is that it could involve creating an acquisition vehicle and floating it on the stock market.

RBS declined to comment.

 

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