Royal Bank of Scotland (RBS) takes another step towards the much delayed spin-off of Williams & Glyn by applying for a banking licence for the 300-strong network. The EU is forcing RBS to sell the branches as part of the terms of the £45bn taxpayer bailout in 2008, though RBS has already missed the November 2013 deadline after a deal to sell the branches to Santander fell apart. Reports suggest that RBS is now aiming to float the branches on the stock market in the last three months of 2016, although the W&G brand will appear in Wales, Scotland and England before then.
Royal Bank of Scotland (RBS) takes another step towards the much delayed spin-off of Williams & Glyn by applying for a banking licence for the 300-strong network. The EU is forcing RBS to sell the branches as part of the terms of the £45bn taxpayer bailout in 2008, though RBS has already missed the November 2013 deadline after a deal to sell the branches to Santander fell apart. Reports suggest that RBS is now aiming to float the branches on the stock market in the last three months of 2016, although the W&G brand will appear in England, Scotland and Wales before then.