View more on these topics

Ex-FSA chief exec leads bid to buy RBS branches

Former FSA chief executive John Tiner is leading a consortium of investors in a bid to buy the 316 Royal Bank of Scotland branches it is being forced to sell.

RBS Branch 480

The FT reports that Tiner, who left the regulator in July 2007 to be replaced by Hector Sants, has backing from investors including Standard Life and RIT Capital, led by Lord Jacob Rothschild, and private equity firms Corsair and Centerbridge.

Under the deal Tiner would become chairman of the new firm with former Lloyds director and current Corsair chief executive John Maltby becoming chief executive.

The European Commission is forcing RBS to make the divestment after the bank’s 2008 bailout. The branches are believed to worth £1bn and include RBS branches in England and Wales with Natwest branches in Scotland.

Santander pulled out of a deal last year because of IT problems, leaving RBS without a buyer. RBS is now planning to float the business under the Williams & Glyn brand but says it is open to offers for the whole business.

Tiner’s deal is one of many offers being considered before the bid deadline this Thursday. RBS has until 2014 to secure a deal under EU rules and could seek an extension to the deadline if a sale is not imminent within a few months.

Recommended

5

Another senior manager to leave PTFS

Personal Touch Financial Services’ head of compliance Stuart Baker has become the latest member of senior management to leave the network.

February lending falls 11% to £2.6bn

Remortgage lending fell 11 per cent in February, down from £2.9bn in January to £2.6bn, according to conveyancing firm LMS. Figures from the Council of Mortgage Lenders show total gross remortgage lending also fell 8 per cent over the same period, down from £11.4bn to £10.5bn. LMS estimates that the total number of remortgage loans […]

Newsletter

News and expert analysis straight to your inbox

Sign up
Comments
  • Post a comment
  • Hampshire Yokel 26th March 2013 at 8:33 am

    I’m not sure that I understand Toddy’s comment at 9:47 a.m.

    John Tiner left the Regulator almost six years ago and had nothing to do with the buying of banks by the Government.

  • Toddy 25th March 2013 at 9:47 am

    My jaw dropped when I read this! No way should any past senior employee of a regulator be able to be a buyer of one of the firms bought! Not for 10 years at least! This is so corrupt 🙁