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Nationwide joins hunt for RBS branches

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  • 22/10/2012
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Nationwide joins hunt for RBS branches
Nationwide is considering making a bid for the 316 bank branches that Royal Bank of Scotland has been forced to sell, according to reports.

Britain’s biggest building society is eyeing up the branches after a planned £1.6bn sale to Spanish giant Santander collapsed two weeks ago.

RBS has to dispose of the branches by the end of 2014 or else face a fine from European regulators who ordered the sale because of the state-support the bank receives.

RBS is understood to be keen too avoid a sale but has been left with little option but to adhere, with the government – which owns 83% of the lender – eager for more competition on the high street.

Other groups have also expressed an interest in the branches, including Richard Branson’s Virgin Money, as well as private equity giant JC Flowers, which tried unsuccessfully to buy the branches last time around.

Santander UK pulled the plug on the deal last week, after hitting out over the way it was progressing.

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