RBS Nears Branch Sale As Part Of Bailout Agreement

Late last week, The Royal Bank of Scotland Group plc (NYSE:RBS) (LON:RBS) reportedly informed the U.S. private equity (PE) firms JC Flowers and Apollo Management that their joint bid to acquire 316 of its branches has been rejected – bringing down the number of bidders left in the race for the branch sale (dubbed ‘Project Rainbow’) to three. ^[1] The global banking group which is majority owned by the U.K. government, was required to sell the branches spread across England, Wales and Scotland as part of its bailout agreement...