Royal Bank of Scotland(RBS)could make a decision on the sale of its 315-branch Project Rainbow business this week, amid reports one of the three bidders for the unit has had its offer rejected.
W&G Investments denied a BBC report it had lost out in the three-way battle for the small business-focused lender being sold by RBS and said it was still in the running to buy the operation, according to the Daily Telegraph. "We remain in constructive discussions with RBS," said a spokesman for W&G Investments, which is offering £1.1bn for the Rainbow business. However, two banking industry sources said W&G's offer had been rejected by RBS and that it was now weighing up the two remaining bids for the business. A spokesman for RBS declined to comment to the Telegraph. Andy Higg...
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