Amex 'to join bid' for RBS WorldPay unit

AMERICAN Express is believed to be planning to join forces with private equity firm Permira to bid for Royal Bank of Scotland's £3 billion payment processing arm.

It is thought up to six firms and consortia are in the hunt to buy Global Merchant Services (GMS), which includes the WorldPay business.

RBS is being forced by European competition authorities to sell WorldPay along with other assets as part of last year's taxpayer bailout.

It is understood UK-based Permira and American Express have been working together for a number of weeks.

Five bids, including four from private equity firms, were last month included to move through to the second round of bidding for WorldPay including Canada's Moneris Solutions, TPG, Warburg Pincus and joint suitors Advent International and Bain Capital.

French software firm Atos Origin is also thought to have joined the private equity consortium of CVC Capital Partners and Welsh Carson Anderson & Stowe to bid.

The sale of GMS is one of a number of major disposals being worked on by RBS.

Its sale of 318 branches in the UK is nearing a conclusion, with Spain's Santander and National Australia Bank now conducting detailed due diligence.

It is understood NAB is mulling a joint venture with another Spanish bank, BBVA, to increase its chances of its success.

RBS and its commodities joint venture with Sempra Energy are also in the process of selling their remaining North American assets after selling non-US businesses to JPMorgan in February. The assets have attracted a number of suitors, including independent oil trader Vitol Group.