RBS Aviation blocks its former boss from £5bn auction process

ROYAL Bank of Scotland has excluded the former boss of its aircraft leasing business from the $8bn (£5bn) auction of the unit, raising concerns the part-nationalised bank is barring a credible bidder and could short-change the UK taxpayer.

Source said Dublin-based aircraft leasing firm Avalon, which is run by Domhnal Slattery, the founder and former chief of RBS Aviation, has been barred from the process.

Slattery hired away key executives from the RBS business last year, when a previous sale process was underway, though it was subsequently abandoned after failing to find a buyer.

RBS Aviation, one of the world’s top five commercial airline leasing firms, could fetch between $6bn and $8bn, analysts have said.

The state-owned bank, which is attempting to return to profit said the sale was underway following “significant expressions of interest from potential bidders in recent months”.