RBS to miss Williams & Glyn sale deadline

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Royal Bank of Scotland has admitted it will miss the deadline to sell off the Williams & Glyn business as it posts losses of £463m for the three months to September.

RBS is required to offload Williams & Glyn under European state aid rules following the bank’s bailout during the financial crisis.

It emerged earlier this week that Clydesdale had made a last-ditch attempt to buy the business.

In its interim results, published today, RBS says: “RBS has had positive discussions with a number of interested parties concerning a transaction related to substantially all of the business. These discussions are ongoing and may or may not lead to a viable transaction.

“However, none of the proposals under discussion can deliver full separation and divestment by 31 December 2017. RBS is therefore in discussion with the Treasury, and expects further engagement with the European Commission, to agree a solution with regards to its state aid obligations.”

RBS has posted a loss of £469m in Q3, compared with a £940m profit at the same time last year, which was boosted by the sale of US bank Citizens.

RBS has incurred restructuring costs of £469m, £425m in costs related to litigation and conduct issues, and a £300m tax writedown.