Higginson still in the running for RBS branches despite reports of bid rejection

Reports that Andy Higginson's bid for RBS branches had been rejected have been denied by his consortium W&G Investments.

A spokesperson said:

We remain in constructive discussions with RBS about our bid. Our proposal remains the only true offer for Williams and Glyns, and offers full and certain value to RBS and its shareholders, whilst it would create effective competition in the British banking sector. We are looking forward to a decision from the board.

Higginson has previously claimed that his is the only viable bid, and the former Tesco Bank boss says that "we are the only actual bidder – the other two involve an initial public offering two years down the track."

“we are the only actual bidder – the other two involve an initial public offering two years down the track.” - See more at: http://www.cityam.com/article/1377046382/rbs-bidders-war-over-bank-branches-sale#sthash.tv9qdnvM.dpuf

Rival John Maltby of Corsair argues that he is in a better position to move ahead, saying that "our structure creates the best value and long-term potential for the tax-payer and RBS. We have completed full due diligence, we have raised the money and we are ready to go".