RBS may have to shed 300 branches
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Royal Bank of Scotland may have to offload more than 300 of its branches in a bid to satisfy European authorities, according to reports.
The Financial Times says the bank is exploring a government-backed plan to give up all of its 312 RBS-branded branches in England and Wales, in a move to satisfy Brussels state aid authorities.
It reports that officials close to the negotiations say the plan - mediated by the Treasury - is well advanced and is the favoured proposal being considered by Neelie Kroes, EU competition commissioner, though she is thought to want to force RBS to go further.
The FT says Kroes has demanded substantial disposals by RBS to compensate for the billions of pounds of taxpayer support it has received and its planned participation in the Treasury’s toxic asset insurance scheme.
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