The Telegraph reports Andy Higginson, the ex-Tesco finance director, said the board of RBS would have to be “very brave” not to accept the bid.
The branches are up for sale due to European anti-state aid laws following the bank’s multi-billion pound government bailout. It took £45.5bn from the government and is therefore still 81% taxpayer owned.
Higginson told the Telegraph: “This is not their [RBS’s] option. They have an obligation to get rid of this business. I think it would be a very brave board that went to the EU having turned down a deal on the table that values the business at book value.”
Higginson heads up W&G Investments, which lists on the London’s Aim market today. It had £1.1bn in backing from the UK’s largest fund managers, including Schroders, Threadneedle and Aviva Investors.
Three other bidders are in the running for the branches, the report said. US private equity firms Corsair Capital and Centerbridge are leading an alternative consortium while rival buyout groups AnaCap and Blackstone have also submitted an offer.
