English"Royal Bank of Scotland Group" Plc (RBS) is considering a plan backed by the government, which includes the sale of the 312 branches in the England and Wales, in an attempt to meet the demands of European competition regulators, says Financial Times, citing close sources. According to them, the plan, brokered by the British Treasury, is in an advanced stage, and has support of the European Competition Commissioner, Neelie Kroes.
The British government owns 70% of RBS, after being rescued from collapse last year, through a large state aid. However, the European Commission is requesting a major restructuring of RBS operations, in exchange for the tens of billions of dollars in aid that the bank received. Brusells authorities would like to see a 10 per cent reduction in RBS" small business banking operations, from its current level of 30%. This could happen through the sale of 312 of the bank"s branches.
RBS officials refused to comment on the information published by the Financial Times, saying only that there have been many speculations around the bank"s plans.
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