Govt eyes RBS branches for nationalisation - reports

clock

The government is considering nationalising the 316 Royal Bank of Scotland (RBS) branches currently up for sale with a view to creating a new business lender, the Sunday Times reports.

If no commercial buyer is found for the branches, the paper reports, it would be set up as a standalone bank owned entirely by the taxpayer with the purpose of lending to small businesses. It would branded Williams & Glyn's, the name of a northern bank bought up by RBS 27 years ago. RBS is being forced to sell the 316 branches due to European state aid rules after accepting a government bailout during the financial crisis. Santander had been the preferred bidder for the branches, but pulled out last month. The Sunday Times said the branch network had about 1.8m retail accounts, an...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Independent or restricted: What's in a name?

Independent or restricted: What's in a name?

Shifting the focus to 'regulated advice'

Anthony Carty
clock 28 November 2024 • 4 min read
Platform service worsens as cost of living spurs clients to move assets

Platform service worsens as cost of living spurs clients to move assets

'People are needing cash more than ever right now'

Sahar Nazir
clock 28 November 2024 • 2 min read
PA Awards 2025: Adviser Firm of the Year shortlists revealed!

PA Awards 2025: Adviser Firm of the Year shortlists revealed!

The industry's best advice firms from across the UK

Sahar Nazir
clock 28 November 2024 • 2 min read