EDINBURGH, Scotland – The Royal Bank of Scotland plc, the parent of Providence-based Citizens Financial Group Inc., is considering selling its 312 RBS branches in England and Wales, the Financial Times reported recently.
The proposal is an effort to satisfy European authorities, who want the Royal Bank of Scotland to make disposals to pay back the government bailout it received in 2008 ahead of its planned participation in the British government’s “toxic asset insurance” plan, the newspaper said.
The RBS-brand branches mostly serve about 1 million small corporate customers, the Financial Times said.
Meanwhile, the NatWest branches, the Scottish company’s main brand in England and Wales, would remain unaffected.
The bailout last year has left RBS 70 percent owned by the government.
Royal Bank of Scotland Group plc (LSE, NYSE: RBS), based in Edinburgh, Scotland, is the parent of Citizens Financial Group Inc. The Providence-based commercial bank holding company and its subsidiaries, RBS Citizens NA and Citizens Bank of Pennsylvania, operate more than 1,480 branches in 12 states, under the Citizens Bank and Charter One brands, plus non-branch offices in about 40 states. Additional information is available at CitizensBank.com or www.rbs.com.
