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Blackstone and Wellcome team up for RBS branches

US private equity firm Blackstone and charity Wellcome Trust could bid for the 318 branches being sold by Royal Bank of Scotland.

According to a report in the Financial Times over the weekend, Blackstone and Wellcome teamed up to submit a bid for the branches before last Tuesday’s deadline.

Other suitors for the branches, which are understood to be valued at around £2bn, are believed to have come from Santander, National Australia Bank and Virgin Money.

The charity, Britain’s biggest, is also the UK’s largest non-governmental source of funds for biomedical research.

In January it was reported that Sir Richard Branson, the founder of Virgin and Virgin Money, had approached Blackstone with a view to buying Northern Rock’s “good bank”.

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