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Thread: Royal Bank of Scotland (RBS) sells branches to Corsair consortium

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    Default Royal Bank of Scotland (RBS) sells branches to Corsair consortium

    27 September 2013 Last updated at 16:21

    RBS sells 314 bank branches to Corsair consortium

    UK taxpayers own 81% of RBS


    The Royal Bank of Scotland has agreed to sell 314 bank branches for £600m to the Corsair consortium, which includes Church of England investment.
    They serve some 250,000 small business customers, 1200 medium-size businesses and 1.8 million retail customers.
    The deal was forced on RBS by the European Commission as a condition of its 2008 state bailout, which left RBS 81%-owned by the taxpayer.
    It will see the Williams and Glyn's name back on the High Street.
    Ethics The business will eventually be sold as a stand-alone public company in 2015 at the earliest.

    The Church Commissioners are excited to have the opportunity to be involved in creating a UK challenger bank operating to the highest ethical standards and giving consumers more choice”
    Andreas Whittam Smith Church commissioner
    Its partly state-owned rival, Lloyds, was also forced recently to divest itself of a large number of branches, which have been rebranded as TSB, another revived banking name.
    It will also be sold as a separate business in around a year's time.
    The consortium buying Williams & Glynn is made up of the financial firms Corsair Capital, Centerbridge Capital, RIT Capital Partners and the Church Commissioners, who are responsible for managing a £5.5bn investment portfolio that supports the Church of England's work across the country.

    It supports poorer dioceses, bishops and missionary work as well as some clerical pensions.
    Church commissioner, Andreas Whittam Smith, said the bank would be run along strong moral principles: "The Church Commissioners are excited to have the opportunity to be involved in creating a UK challenger bank operating to the highest ethical standards and giving consumers more choice."

    New banks BBC business editor, Robert Peston, says the formal separation of Williams & Glyn's by RBS is at least a year behind the separation of TSB by Lloyds.
    He says RBS will not rebrand the 300 plus branches till 2015, which implies the stock market listing can't be till late 2015 or even 2016.

    RBS had originally agreed to sell the branches to Santander for about £1.65bn, but the deal collapsed last year.
    Last week, RBS sold its Direct Line insurance business for a similar sum, in another move ordered by the Commission as a condition of its receiving state aid.


    BBC News - RBS sells 314 bank branches to Corsair consortium


    Isn't that an oxymoron? "the bank would be run along strong moral principles"
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    Elite Member greysfang's Avatar
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    RBS was too big and too ruthless. I saw a documentary about people committing suicide because RBS gave them way more credit than their income could ever support. True, its not the banks fault some people have no self control, but its hardly helpful to give someone making $20k over $100k in credit cards either. Maybe this new place will be better, you guys really don't want Santander getting a foothold over there.
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    Quote Originally Posted by greysfang View Post
    RBS was too big and too ruthless.
    It was made up of a number of other banks prior to this.
    RBS Group brands The Royal Bank of Scotland Group - Wikipedia, the free encyclopedia
    Quote Originally Posted by greysfang View Post
    I saw a documentary about people committing suicide because RBS gave them way more credit than their income could ever support. True, its not the banks fault some people have no self control, but its hardly helpful to give someone making $20k over $100k in credit cards either.
    That wasn't just RBS but a lot of mortgage providers. Plus, why apply for them if you couldn't afford them? Sometimes the "victims" have to shoulder some of the "blame"
    I also saw people applying for loans & amending payslips so that they could have x mortgage.
    Quote Originally Posted by greysfang View Post
    Maybe this new place will be better, you guys really don't want Santander getting a foothold over there.
    We already have Santander on the high street. " The Bank did obtain an international partnership with Banco Santander Central Hispano of Spain, each bank taking a 5% stake in the other. However this arrangement ended in 2005, when Banco Santander Central Hispano acquired UK bank Abbey National – and both banks sold their respective shareholdings."
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