RBS to sell Williams & Glyn's to quell EU competition concerns
14 Sep 2009
The Royal Bank of Scotland (RBS) is planning to sell its brand Williams & Glyn's to trim its market size in retail and commercial banking.
The brand, which disappeared from the high street 24 years ago following a European state aid probe, still exists as a separate legal entity that files accounts at Companies House.
Williams & Glyn's traces its origins back to 1753 and was the RBS branch network in England.
Stephen Hester, RBS chief executive, is examining plans to rename some of its branches as Williams & Glyn's before putting the revived business up for sale.
The move would support the European Commission's objective of creating a new competitor in British banking.
Neelie Kroes, competition commissioner, is forcing RBS and Lloyds Banking Group to sell parts of their businesses as a punishment for receiving state aid.