Mon, 12 Nov 2012 | MBO/MBI
The Royal Bank of Scotland (RBS) has appointed UBS to handle the sale of 316 of its branches.
Santander had been lined up to buy up the outlets, but walked away from the deal in October following delays with the transfer process.
This pushed RBS to seek out another buyer, but in order with European competition rules, a buyer must be found by December 2013, making RBS keen to speed up the sale in order to avoid complications.
Santander was set to pay around £1.65 billion for the deal, which included 316 branches, 1.8 million customers and £21.7 billion of deposits. However, RBS is expected to receive significantly less than this price as the deal now looks set to favour the buyer, reports from the Telegraph suggest.
UBS is set to take some short-term action while a buyer is found. This could include hiving off the unit before Christmas, either through a management buy-out backed with private equity, or through an initial public offering.
Then, in the new year, a memorandum will be compiled for would-be trade buyers, which are thought to include Virgin Money, JC Flowers and the Nationwide building society.
An established, award-winning care home with nursing, that is located in a popular East Midlands town and has come to market for the first time so that our client can retire.
For sale a lucrative portfolio of residential care homes conveniently clustered in the Northwest of England, offering residential and dementia care.
A profitable care home with nursing located in an East Midlands town. Well-presented and extended accommodation with 57% of the ground floor bedrooms being ensuite.
03
|
May
|
Three Aberdeen legal firms merge to form all-service provider | MERGER
Three prominent Aberdeen legal businesses have merged to for...
03
|
May
|
BGF-backed asbestos services firm makes third acquisition | BUSINESS SALE
Environmental Essentials, a specialist asbestos services fir...
03
|
May
|
Logistics firm acquires pair of Derbyshire businesses | BUSINESS SALE
A logistics firm headquartered in Preston has acquired a pai...
01
|
May
|
Portfolio of 24 northern pubs acquired by Punch Pubs & Co | COMMERCIAL PROPERTY
A portfolio of 24 pubs across the North East and Yorkshire h...
19
|
Aug
|
Nursery group acquires three sites as acquisition push gathers pace | BUSINESS SALE
Kettering-based nursery group Kindred Education has acquired...
04
|
Nov
|
Sainsbury's considers sale of banking division | DIVISION SALE
The new Sainsbury's boss has reportedly begun exploring...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.