16th Jun 2014 05:55
LONDON (Alliance News) - Royal Bank of Scotland is in talks over a restructuring of its Ulster Bank unit that could overcome a hurdle to selling some of the government?s majority stake, The Sunday Times reported, without saying where it got the information.
The taxpayer-backed lender is working on a plan to attract private equity into Ulster to boost its capital position before the business is merged with another Irish bank. Permanent TSB, owned by the Irish government, is considered the most likely partner for the creation of an enlarged Irish bank, the newspaper said.
Any such transaction would enable RBS to cut its holding in Ulster below 50 per cent, where it would no longer have to consolidate the lender in its accounts, The Sunday Times added.
http://www.thetimes.co.uk/tto/business/industries/banking/article4120116.ece
By Steve McGrath; [email protected]; @SteveMcGrath1
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