Reuters – Centerbridge Eyes RBS Branches

U.S. private equity firm Centerbridge Partners is interested in the 315 UK branches being sold by state-backed Royal Bank of Scotland, writes Reuters. Sky News, which first reported the interest, said Centerbridge had joined forces with another buyout firm – Corsair Capital – in recent weeks, but that it was unclear whether the duo would make a formal offer for the branch network, writes Reuters.

Reuters – U.S. private equity firm Centerbridge Partners is interested in the 315 UK branches being sold by state-backed Royal Bank of Scotland, a person familiar with the matter said on Tuesday.

Sky News, which first reported the interest, said Centerbridge had joined forces with another buyout firm – Corsair Capital – in recent weeks, but that it was unclear whether the duo would make a formal offer for the branch network.

RBS declined to comment. A spokesman for Corsair also declined to comment.

The bank is separating the branches and preparing them for an initial public offering, while also inviting interest. More than five parties have expressed preliminary interest, a person familiar with the matter said.

Reuters reported in October that Virgin Money and U.S. private equity firm J.C. Flowers were leading a small field of potential suitors to buy the branches – dubbed Project Rainbow – after Spain’s Santander pulled out.

(Reporting by Steve Slater in London; Editing by Tim Dobbyn)