Ex-First Direct chief to lead £1bn RBS branches bid

Alan Hughes, the former chief executive of First Direct, is to lead a £1bn bid to buy 315 branches of Royal Bank of Scotland (RBS).

The FT reports he will lead a consortium of private equity groups Blackstone and Anacap. It is thought the group will table an offer this week. RBS is being forced to sell the branches under European state aid rules after it accepted a taxpayer bailout during the financial crisis. Politicians hope the sell-off will boost competition in high street banking. Hughes' group is one of three in the running, according to people familiar with the situation. The other two bidders are thought to be a group led by US private equity outfit Corsair and a group of 20 UK asset managers, including...