RBS to push on with sale of branches

PART-nationalised Royal Bank of Scotland is pushing ahead with the sale of more than 300 of its branches and is expected to provide a detailed prospectus for buyers this month, sources said.

By The Newsroom

Published 11th Feb 2010, 10:49 BST

Updated 11th Feb 2010, 10:49 BST

At least six private equity and banking suitors – including Yorkshire Bank's owner National Australia Bank – have examined the assets closely and at least three of those have expressed an interest in the branches, meeting an end of January deadline set by the bank.

The deal would hand any buyer a foothold in the UK's competitive business banking market.

The bank and its advisers are drawing up an information memorandum, due to be sent to suitors later this month. Until now, RBS has sent out only a 'teaser' document, with few financial details.

RBS declined to comment. The sources said Santander, Virgin Money – part of Richard Branson's Virgin group – and buyout firm Resolution were among those that had expressed an interest.