20th Sep 2013 10:51
LONDON (Alliance News) - The Royal Bank of Scotland Group PLC is close to making a decision to sell 315 branches to Corsair, according the BBC Business Editor, Robert Peston.
An announcement may not be made until early next week, with RBS expected to give Corsair the exclusive right to negotiate on the deal.
RBS declined to comment.
Peston said the main rival to Corsair was a Blackstone-backed private equity company, one source cited said the offer from W&G Investments offered "way less" value. W&G Investments is the company backed by former Tesco Finance Director, Andrew Higginson.
The European Commission demanded the sale as a condition of the UK government's bailout of RBS in 2008. The UK government has an 81% stake in RBS.
RBS shares were Friday quoted at 364.6 pence, down 4.4 pence, or 1.2%.
http://www.bbc.co.uk/news/business-24172436
By Samuel Agini; [email protected]; @samuelagini
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