26th Oct 2016 06:09
LONDON (Alliance News) - CYBG PLC on Wednesday confirmed a press report it is in talks to buy Royal Bank of Scotland Group PLC's Williams & Glyn retail and commercial banking business.
CYBG did not provide any financial details on the talks, but said that they are ongoing and that it has made a preliminary non-binding proposal to acquire the Williams & Glyn business.
The challenger bank said there is no certainty a deal will be done and said it will pursue a transaction only "if it is determined by the board to be in the best interests of CYBG shareholders."
The Financial Times reported on Wednesday that CYBG, the London-listed owner of Clydesdale and Yorkshire banks, had submitted an offer for Williams & Glyn.
RBS scrapped the initial public offering of Williams & Glyn in August, saying it has spent around GBP1.50 billion over seven years trying to spin-off the business and would now seek to sell it instead. RBS must sell Williams & Glyn by the end of 2017 to meet European Union state aid rules.
By Sam Unsted; [email protected]; @SamUAtAlliance
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