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Corsair-led consortium to acquire RBS branches for £600m

30 Sep 2013

pounds11_sqPrivate equity firm Corsair is reportedly set to acquire 314 bank branches from Royal Bank of Scotland.

A consortium led by Corsair has agreed to pay £600m for the branches, which serve around 1.8m retail customers.

RBS was ordered to sell the branches in exchange for receiving a government bailout in 2008.

Earlier this month it was reported that Corsair was in pole position to buy the branches. At the time, RBS was still considering rival bids from a Blackstone-led consortium and from W&G Investments.

In August W&G said that its proposed acquisition could be delayed beyond its two year schedule.

RBS was due to sell the branches to Santander for £1.65bn, but the deal fell through last year.

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