Sale of branches being forced upon RBS by the EU under the terms of its £45bn taxpayer bailout
Royal Bank of Scotland has taken another step towards the much delayed spin-off of Williams & Glyn by applying for a banking licence for the 300-strong network.
The sale of the branches is being forced upon RBS by the EU under the terms of its £45bn taxpayer bailout in 2008. RBS – approximately 73% owned by the taxpayer – has already missed the November 2013 deadline imposed by the EU after a deal to the sell branches to Santander fell apart in 2012.
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Source: theguardian.com