CYBG exploring bid for Williams & Glyn, Sky News says

CYBG , the owner of Clydesdale Bank, hired Morgan Stanley to "help it explore a bid" for RBS´s Williams & Glyn unit, Sky News reported.

During the previous week, RBS announced it had shelved plans for an initial public offering of the small business-focused lender, due to the complexities (and costs) of developing a new IT platform for it.

That would have seen the birth of the UK´s seventh-largest lender.

Recent reports, citing sources at RBS, had indicated that Santander had tabled an upwardly-revised takeover offer for Williams & Glyn.