Enlarge imageBy Clara Ferreira-Marques and Victoria Howley
LONDON (Reuters) - Part-nationalised Royal Bank of Scotland is pushing ahead with the sale of over 300 of its branches and is expected to provide a detailed prospectus for buyers this month, sources familiar with the process said.
At least six private equity and banking suitors have examined the assets closely and at least three of those have expressed an interest in the branches, meeting an end-January deadline set by the bank, several of the sources added on Wednesday.
The deal would hand any buyer a foothold in Britain's competitive business banking market.
The bank and its advisors are drawing up an information memorandum, due to be sent to suitors later this month. Until now, RBS has sent out only a "teaser" document, with few financial details.
Advertisement starts
Advertisement ends
"A document is expected in two weeks or thereabouts, fleshing out the previous information," one of a number of sources contacted by Reuters said.
RBS declined to comment.
The sources said Santander, Virgin Money -- part of Richard Branson's Virgin group -- and buyout firm Resolution were among those that had expressed an interest.
National Australia Bank, buyout group Blackstone and U.S. private equity investor JC Flowers are also expected to have told RBS they could be keen on the branches, being marketed under the revived Williams & Glyn's brand.
All six declined to comment.
RBS, 84 percent state-owned after it was bailed out at the height of the crisis, was ordered late last year by EU antitrust regulators to sell RBS-branded branches in England and Wales and NatWest branches in Scotland in exchange for receiving billions of pounds in state aid.
It has been given four years to carry out the sale.
The disposal, however, is expected to be a drawn-out process, with a deal unlikely in the first half of this year.
(Written by Clara Ferreira-Marques; Editing by Sharon Lindores)
