Royal Bank of Scotland’s resurrected broker brand RBS Intermediary Partners will be packaged in with the 314 branches it is selling to a consortium of investors for £600m.
The branch sale deal was announced earlier this month and will bring back both the Williams & Glyn’s bank brand, which has remained dormant for 30 years, and the former chief executive of Kensington Mortgages John Maltby who is set to head up the new bank.
Williams & Glyn’s Bank was established in London in 1970, when RBS merged its two subsidiaries in England and Wales, Williams Deacon’s Bank and Glyn, Mills & Co.
It ceased to be a presence in the UK in 1985 when Williams & Glyn’s was fully absorbed into RBS and ceased to trade separately.
But as part of the sale of the 314 branches, Mortgage Strategy understands that RBS Intermediary Partners, which it was announced in July that RBS was looking to resurrect as a brand, will also be transferred across to Williams & Glyn’s.
RBS had initially stated that reactivating RBS IP was about expanding its lending. But the firm subsequently revealed that it was actually looking to bring it back to help with the sale, with the resurrected intermediary brand packaged in with the branches.
A spokeswoman says: ”It is still the case that we intend to launch RBS intermediary partners in the fourth quarter this year and it will transition into Williams & Glyn’s.”