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RBS to sell off more assets under EU pressure
The government announced last week that Northern Rock would be split into a profitable mortgage lender and a second unit holding shakier assets. "We will be able to split Northern Rock by the end of the year but I'm not going to rush into a sale. We will only sell when the time is right and when the price is right" Darling said. The Financial Times said Lloyds Banking Group would announce more details on Tuesday of its plans to raise up to 25 billion pounds and stay out of the government's Asset Protection Scheme for insuring losses on toxic assets. Full Article at Miami HeraldWe will be able to split Northern Rock by the end of the year but I'm not going to rush into a sale. We will only sell when the time is right and when the price is right
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RBS to sell off more assets under EU pressure
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Unless we get competition we are going to end up with half a dozen big providers, which would be a big reduction in choice and that would not be acceptable
SOURCE: Miami Herald -
What you really want to do is have quite a substantial divestment - perhaps branches or perhaps particular institutions that they own - made available to other people
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It remains RBS's goal that any required divestments do not threaten its recovery plan which is already under way
SOURCE: Miami Herald
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