RBS branch bidder to list on AIM to raise funds for purchase effort

 
Tim Wallace
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A PROMINENT group of investors looking to purchase 316 branches from RBS and establish a new high street bank yesterday revealed plans to list on the alternative investments market (AIM).
The group, called W&G Investments wants to buy the branches which RBS must sell off under the terms of its 2008 bailout.
The bank plans to resurrect the Williams and Glyn’s brand name for the unit, as the branches roughly correspond to those of the lender which was rebranded as a part of NatWest in the 1990s.
Major institutional investors like Schroders are backing the bid, and the filing lists ex-Tesco finance director Andrew Higginson, former Williams & Glynn boss John McGuire, former Tesco Bank executive Shaun Doherty and ex-Arbuthnot Latham head John Reed as shareholders.
They are listing the unit with the aim of evaluating the branches before making their purchase bid.
The filing does not yet give a share price or the amount of capital the group is hoping to raise in the listing.
RBS had previously planned to sell the branches to Santander which wanted to increase its small business customer base.
The eventual owner is expected to be finalised early next year.