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Nov 28 2012, 02:51 IST
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SummaryNationwide, Britain's biggest customer-owned financial services group, is interested in bidding for 316 branches being sold by Royal Bank of Scotland to speed up its expansion into lending to small and medium-sized businesses.

Nationwide interested in buying RBS branches

Nationwide, Britain's biggest customer-owned financial services group, is interested in bidding for 316 branches being sold by Royal Bank of Scotland to speed up its expansion into lending to small and medium-sized businesses. A 1.65-billion-pound ($2.6 billion) deal to sell the branches collapsed last month after Spanish bidder Santander said the process of carving out the business from RBS had proved more difficult than expected. RBS, ordered to sell the branches as a condition of winning European nod for a bailout during the 2008 crisis, has sent new sales documents to prospective buyers, and is hoping to draw up a shortlist next month. “Strategically, we want to enter into the SME (small and medium-sized enterprise) space,” Nationwide Chief Executive Graham Beale told Reuters on Tuesday.

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