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.
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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."