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RBS calls off Williams & Glyn sale after Treasury deal

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Royal Bank of Scotland has pulled the sale of its Williams & Glyn division after a preliminary deal was reached between the Treasury and the European Commission.

The Telegraph reports the bank, still majority-owned by the Government, has so far spent £1.8bn trying to offload the arm as part of efforts to comply with conditions set by the EU in return for state aid during the financial crisis.

The bank will instead create a fund, administered by an independent body, for challenger banks to increase their lending to small businesses.

RBS chief executive Ross McEwan says: “Today’s proposal would provide a path to increased competition in the SME marketplace.

“If agreed, it would deliver an outcome on our European Commission state aid divestment obligations more quickly and with more certainty than undertaking a difficult and complex sale and would provide much needed certainty for customers and staff.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Such a simple idea which no doubt the EU Commissioner for competition will, after a respectable period of a few weeks whilst she does her due diligence and ‘gathers evidence’, recommend to the other big shot EU Commissioners, and they will rubber stamp it. Basically it’s a done deal. The question is why did nobody at the Treasury or the overpaid self-important Kiwi mafia that runs RBS think of it before.

  2. RBS have spent so much money, time and effort on the Williams & Glyn brand, all for nought. Having gone as far as they have with the branding they should simply push ahead with re-naming the RBS England and Wales branches as Williams & Glyn Bank. W&G will be fully re-integrated into RBS but a change of name for their retail operations in E&W would be welcomed by both customers and staff. RBS is the most tainted name in banking.

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