RBS Planning to Start Formal Sale Process for Williams & Glyn
December 16 2015 - 3:11AM
Dow Jones News
By Ian Walker
LONDON--Royal Bank of Scotland Group PLC (RBS.LN) said Wednesday
it is planning to start a formal sale process for Williams &
Glyn in the first half of next year, as part of its plan to
separate the business.
The 73% state-owned bank said that while it has made significant
progress in separating Williams & Glyn, it has received a
number of informal approaches for the business, reflecting its
"strategic attractiveness".
Royal Bank of Scotland added that it submitted the banking
license application for Williams & Glyn on September 30 and is
now working with the Prudential Regulation Authority and Financial
Conduct Authority towards obtaining the license and separating the
business by the end of 2017, as planned.
"Separating out the Williams & Glyn business is a complex
process, but we remain focused on meeting our State Aid obligation,
achieving full divestment by the end of 2017, and reaching the best
outcome for shareholders, customers, and staff," Chief Executive
Ross McEwan said.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
December 16, 2015 02:56 ET (07:56 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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