RBS looking at trade sale of Williams & Glyn

Royal Bank of Scotland said it is planning a trade sale of Williams & Glyn, as it announced that it has made significant progress in separating the retail banking business.

The bank, which was rescued by the government during the financial crisis, said the strategic attractiveness of Williams & Glyn has been reflected in a number of informal approaches for the business.

As a result, RBS said that while it is continuing preparations for an initial public offering, it is planning to launch a trade sale process in the first half of next year, and targeting the signing of a binding agreement to sell the business by the end of the year, with full divestment by the end of 2017.

Chief executive officer Ross McEwan said: "Separating out the Williams & Glyn business is a complex process, but we remain focused on meeting our State Aid obligation, achieving full divestment by the end of 2017, and reaching the best outcome for shareholders, customers, and staff."