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Fund manager bid for RBS rejected, say reports

RBS has rejected a  bid from a consortium of fund managers for 315 of its branches with a final decision on the sale of the bank’s ‘project rainbow’ assets possible this week, according to The Telegraph

The report refers to two sources which say the bank is now considering two remaining bids for the business.

The two private equity bids come from Corsair Capital and Centerbridge with AnaCap and Blackstone also teaming up to table a rival offer.

W&G Investments bid includes backing from fund managers including Schroders, Threadneadle and Jupiter and is being led by Andy Higginson, former finance director at Tesco.

The sale of 315 branches was demanded by the European Commission following the bail-out of RBS in 2008.

The bank could still opt to take the sale to an IPO.  

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