Osborne seeks EU clearance to split RBS

clock

The Treasury has applied for European Union (EU) approval to split up Royal Bank of Scotland (RBS), to smooth the process of carving up the state-owned lender.

The FT and Telegraph report the Chancellor sought clearance for the split of the 83%-taxpayer owned bank in July, meaning the government avoided newly-introduced rules on state support for banks. The Telegraph said the early notification to Brussels, which also came before stricter new rules on executive pay and share ownership came into force, wold make it easier to split RBS into a 'good' and 'bad' bank if the Treasury wanted to. A Treasury spokesman said the government would not provide a "running commentary" of discussions with the EU.

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 Investment

Consultancy launches to provide IFAs with 'robust' investment processes

Consultancy launches to provide IFAs with 'robust' investment processes

Sheridan Admans launches Infundly

Isabel Baxter
clock 06 November 2025 • 1 min read
Inflation protection not front of mind for financial advisers

Inflation protection not front of mind for financial advisers

Titan Square Mile report suggests

Jen Frost
clock 04 November 2025 • 3 min read
Trick or treat? The UK and global economy face their Halloween ghosts

Trick or treat? The UK and global economy face their Halloween ghosts

‘Wealth managers and market professionals are tiptoeing past economic graveyards’

Stephen Jones
clock 31 October 2025 • 4 min read