JC Flowers considers buying RBS assets

The assets were freed up after Santander, the agreed buyer, pulled out of the deal on Friday due to its slow completion process, according to reports. The deal had been under way for two years.

RBS has to sell the 316 branches as part of the agreement reached after the bank was bailed out by the British government.

The quest for a new buyer has decreased the sales price from £1.65bn, which Santander would have paid, to around £1bn, reports added.

Virgin Money, which acquired 75 Northern Rock branches earlier this year, had been bidding against Santander in the initial sales process. It is expected that Virgin will bid again, challenging JC Flowers. RBS reportedly received bids from undisclosed third parties as well.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• UK / Ireland
• JC Flowers
• Royal Bank of Scotland
• United Kingdom