London: The Royal Bank of Scotland is
looking to sell more than 300 branches in England and Wales,
as part of a government-backed plan, says a media report.
The Financial Times has reported that RBS is exploring a
government-backed plan to give up all of its 312 RBS-branded
branches in England and Wales.
Attributing to officials close to the negotiations, the
report said the plan mediated by the UK Treasury – is well
advanced and is the favoured proposal being considered by
Neelie Kroes, EU competition commissioner.
Kroes has demanded substantial disposals by RBS, which is
70 per cent owned by the UK government, to compensate for the
billions of pounds of taxpayers' support it has received and
its planned participation in the Treasury's toxic asset
insurance scheme, the report said.
Bureau Report
First Published: Wednesday, October 14, 2009, 23:29