Classifieds | Archives | Jobs | About TGT | Contact | Subscribe
Last updated 0 minute ago
Printer Friendly Version | TGT@Twitter | RSS Feed |
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.


Add this page to your favorite Social Bookmarking websites
Post a comment
Related Stories
Thomas Cook hit by shock CEO departure, slowing growth
LONDON: British holiday company Thomas Cook defended its decision to replace Chief Executive Harriet Green on Wednesday after the abrupt departure of the woman credited w..
BT, Telefonica discuss cash and share deal for O2 mobile network
MADRID: Britain’s BT Group and Spain’s Telefonica have stepped up talks over a cash and share deal which would allow BT to buy back the 02 mobile network it once owned, a..
Arcadia posts 3 per cent decline in annual profit
LONDON: Arcadia, the retail group owned by the family of billionaire Philip Green, posted a 3 per cent fall in annual profit, with strong performance of the Dorothy Perki..
Aviva share price falls on Friends Life merger plan doubts
LONDON: Shares in British insurer Aviva fell more than five per cent on Tuesday reflecting uncertainty about the potential benefits of the company’s 5.6 billion pound (8...
BT in talks with Telefonica to buy UK mobile operator
LONDON/MADRID: Britain’s BT Group is in early stage talks with Spain’s Telefonica on a deal to buy UK mobile operator O2, with two sources saying it has also begun negoti..
Advertise | Copyright