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AnaCap Financial Partners enters fray for 316 RBS branches

22 Nov 2012

London- based financial services-focused buyout house AnaCap Financial Partners is reportedly looking to pick up the 316 bank branches that regulators are forcing state-backed lender Royal Bank of Scotland Group to sell.

RBS is said to have sent sales documents to potential buyers last week, Bloomberg reported on Thursday, citing four unnamed people with knowledge of the talks.

Nationwide Building Society, Richard Branson’s Virgin Money Holdings and financial services-focused private equity firm JC Flowers were also cited as potential bidders for the branches.

UBS is handling the sale, the report added.

RBS must sell the branches by 2014 as a condition of receiving a £45.5bn in 2008 and 2009 under European Union state-aid rules.

Spain’s Santander shelved plans to buy the branches last month for £1.7bn, a price tag that is unlikely to be paid by the next potential buyer, the report said.

The branches, which serve small businesses and consumers, generated a £186m operating profit in the first half of the year and had £21.7bn in customer deposits, the report added.

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