RBS is to sell 318 branches, including its NatWest brand in Scotland, RBS Insurance and Global Merchant Services, its card payment business. This comprises 14% of the RBS retail network. It will also sell its stake in commodities trader RBS Sempra Commodities.
Lloyds is to sell over 600 branches, including Lloyds TSB in Scotland along with Cheltenham & Gloucester and the Intelligent Finance online business.
The idea is for these businesses to be sold to new entrants in the market within the next four years. Allianz, Generali, Zurich, Tesco and Virgin have all been mentioned as potential buyers but these are just rumours at present.
