RBS Royal Bank of Scotland Group PLC

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)

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