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RBS sell-off looms as European Commission backs £750m plan
Royal Bank of Scotland’s plan to ditch a sale of 300 branches could be rubber stamped by the European Commission ‘within weeks’, paving the way for the Government to sell-off the huge taxpayer stake in the group. RBS announced late on Friday that it wants to provide £750 million to finance competition in business banking, instead of selling the Williams & Glyn branches. The EC had required RBS to sell the branches as a condition of its 2008 bailout. The new plan to scrap the sale and instead subsidise smaller rivals has been discussed with EC competition officials. Competition commissioner Margrethe ... (full story)