It appears that the Royal Bank of Scotland (RBS) is preparing to sell off its Williams & Glyn business with the hiring of Bank of America Merrill Lynch to prepare the sale. More than 4,000 staff are working full-time on carving out Williams and Glyn, and the project is expected to cost around £1.5bn – meaning RBS will not make any money selling the unit. The news comes as RBS announced it would be selling its UK retail banking arm and will close a number of branches in England by the end of this year. It is understood that RBS values the bank at £1.5bn ($2.31bn).
It appears that the Royal Bank of Scotland (RBS) is preparing to sell off its Williams & Glyn business with the hiring of Bank of America Merrill Lynch to prepare the sale. The news comes as RBS announced it would be selling its UK retail banking arm and will close a number of branches in England by the end of this year. It is understood that RBS values the bank at £1.5bn ($2.31bn).