RBS in $960m stake sale deal
London, September 28, 2013
A consortium led by private equity firm Corsair will pay £600 million ($960m) to be an anchor investor in 314 branches being sold by Royal Bank of Scotland.
RBS said yesterday the consortium had won an auction and would take a significant minority stake in the branch network, to be called Williams & Glyn's, when it lists on the stock market.
US-based Corsair, with private equity house Centerbridge and other investors including the Church of England's investment fund and RIT Capital Partners, had emerged as the front-runner for the deal in the past few weeks, seeing off competition from a Blackstone-led consortium and from W&G Investments, a group of investors.
RBS had agreed to sell the branches to Santander for about £1.65 billion, but that deal collapsed a year ago.-Reuters
Tags: Royal Bank of Scotland |
More INTERNATIONAL NEWS Stories
- First bitcoin machine opens in UK
- US sanctions will boomerang, warns Russia
- China plans $50bn bank to fund projects
- Sony to sell Tokyo 'birthplace'
- Obama orders sanctions over Russian moves
- Crimea parliament votes to join Russia
- Arab League to be revamped
- 'Upskirting' is legal: Massachusetts court
- Singapore probes 'unnatural' death of bitcoin trader
- Onus on world powers for Syria war crimes: UN
- US, Russia set for talks on Ukraine crisis
- Brent oil drops below $109
- Services outshine manufacturing, pushing up jobs
- Bitcoin bank shut down after hacker attack
- India to kick off world's biggest poll on April 7
- China signals focus on reforms
- Hundreds ready for bitcoin exchange class action
- Space taxi, Jupiter mission in Obama budget
- Putin: Use of force last resort in Ukraine
- Powers to boost Lebanese military, economy
- Egypt bans Hamas activities in Egypt
- Putin ends army exercise, markets rally
- Russia has violated international law: Obama
- Russian markets hit as Putin tightens grip on Crimea
- Iran nuclear deal 'being implemented as planned'
- Global factory growth stumbles as demand falters
- Obama warns of 'fallout' for Israel if peace effort fails
- Ukraine mobilises after Putin's 'declaration of war'
- Oil jumps $2 over Ukraine tension
- US threatens to isolate Russia for Ukraine aggression