Clydesdale bids for Williams & Glyn

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Clydesdale has made a last-minute bid to buy Williams & Glyn from Royal Bank of Scotland, according to the Financial Times.

Clydesdale says it has made a “preliminary non-binding proposal” for Williams & Glyn.

RBS wants to get a sale agreed in principle by the end of 2016. The firm needs to sell the 300-branch business by the end of 2017 under the terms of its bailout.

Last month Santander pulled out of the deal talks due to not agreeing on a price.

The Williams & Glyn business is valued at around £1.3bn.

W&G will have 1.8 million customers, net loans and advances worth £20bn and customers deposits of £24bn.