Classifieds | Archives | Jobs | About TGT | Contact | Subscribe
 | 
Last updated 11 minutes ago
Printer Friendly Version | TGT@Twitter | RSS Feed |
HOME LOCAL MIDEAST ASIA WORLD BUSINESS SPORT OPINION WRITERS
Virgin Money, JC Flowers bid for RBS branches
December 17, 2012
 Print    Send to Friend

LONDON: Richard Branson’s Virgin Money and US private equity group JC Flowers have submitted bids for 316 bank branches being sold by Royal Bank of Scotland (RBS), sources familiar with the matter.

But Nationwide, Britain’s biggest customer-owned financial services group, which previously indicated an interest in the branches, did not proceed with a bid, a spokesman told Reuters.

UBS received non-binding first-round bids on behalf of RBS at noon on Thursday, three sources familiar with the process told Reuters.

  Bidders have not yet been told whether RBS will select a preferred bidder from the initial offers, or whether a shortlist will be invited to submit second-round bids.

RBS, which is 82 per cent owned by the British taxpayer, must sell the branches by 2014 as a condition of its 45.5 billion pounds ($73.4 billion) government rescue.

No further developments are expected until January, two sources familiar with the process told Reuters. One source confirmed that Virgin Money had bid. Two confirmed JC Flowers’ offer.

UK private equity firm AnaCap was also reportedly interested in bidding for the branches, which were almost sold to Santander in a 1.65 billion pounds deal that collapsed in mid October.

Reuters

Add this page to your favorite Social Bookmarking websites
Comments
 
Post a comment
 
Name:
Country:
City:
Email:
Comment:
 
    
    
Related Stories
BP posts slump in Russian income, raises dividend
LONDON: BP’s third quarter results took a hit from declining oil prices and a sharp drop in income from Russia as Western sanctions on Moscow led to a slump in earnings f..
Monte dei drags EU banks lower after stress test
LONDON: Shares in Italy’s Monte dei Paschi slumped on Monday after an industry health check found it had the biggest capital hole to fill among European banks. In all..
SuperGroup reshuffles management, shares down 3.5%
LONDON: SuperGroup, the British company behind the Superdry fashion brand, named ex-Co-op Group boss Euan Sutherland as its new chief executive on Wednesday, replacing Ju..
BoE cautions over subdued wage growth
LONDON: The Bank of England (BoE) modestly upgraded its growth forecast for the UK on Wednesday but signaled its concerns over the failure of wages, which are actually fa..
Prudential’s earnings rise by 17 per cent in first half
LONDON: UK insurer Prudential has posted a jump in first half earnings as a strong performance in Asia and the United States offset negative currency swings in some of it..
 
FRONTPAGE
 
GALLERY
 
PANORAMA
 
TIME OUT
 
SPORT
 
 
Advertise | Copyright