RBS in talks for business bank

Royal Bank of Scotland is in exclusive talks to buy Whiteaway Laidlaw, which is a tiny Manchester-based business bank. The part-nationalised lender is working on a bid through its private equity arm to buy the bank, which is a subsidiary of the Manchester Building Society. Banks such as Whiteaway Laidlaw are usually attractive to new entrants to banking, as they come with a banking licence already.