22nd Jun 2015 05:41
LONDON (Alliance News) - The UK government is set to be forced to request more time from Europe for The Royal Bank of Scotland Group PLC to spin-off its Williams & Glyn challenger bank as the sale is facing problems, The Times reported Monday.
RBS is struggling to meet the timetable set out by the European Commission to separate and float the Williams & Glyn business by the end of next year, senior banking sources told the paper.
Should the Treasury have to go back to Brussels, it would be the second time the bank has had to request more time to complete the disposal, having been granted a three-year extension last April which gave the bank until December 2016.
http://www.thetimes.co.uk/tto/business/industries/banking/article4476335.ece
By Sam Unsted; [email protected]; @SamUAtAlliance
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