RBS MAY FLOAT NEW BANK TO SOLVE BRANCH SALE DILEMMA

Source: Financial Mail on Sunday, LondonAug.迷你倉出租 11--A PUBLIC sale of shares in a newly created bank is emerging as the favourite solution as taxpayer-owned Royal Bank of Scotland attempts to offload 318 of its branches.Three bids are being examined by RBS, but only one proposes an outright takeover of the branches. The others involve taking a stake in a new bank as part of a plan for a stock market flotation that would value the new business at about pounds sterling 1euro �illion.RBS is already considering simply floating off the branches without any financial partner.Bruce Van Saun, the bank's finance director, is running the process and he could announce a flotation as soon as the end of this month either with or without a partner.The bank euro " 83 per cent-owned by the taxpayer euro " is under pressure to sell the branches quickly. A pounds sterling 1.6euro �illion deal with Santander fell apart last year.RBS and Lloyds have both been儲存倉ordered to sell off branches by the EU as a condition for their state bail-outs in 2008.Private equity group Corsair Capital, backed by the Church of England, is offering to take 60 per cent of the new bank's shares in a flotation. The move would see the group inject about pounds sterling 600 million.Another bid, involving private equity firms AnaCap and Blackstone involves underwriting a public share sale process in a deal that would value the branches at pounds sterling 1euro �illion.City sources suggested that the problems banks have had selling branches in the past, combined with IT integration issues, were all arguments in favour of a flotation.Lloyds has opted to float its 632 branches under the TSB name after a deal to sell them to the Co-op collapsed earlier this year.Copyright: ___ (c)2013 Daily Mail (London, ) Visit the Daily Mail (London, ) at .dailymail.co.uk/home/index.html Distributed by MCT Information Services迷你倉沙田