RBS hires investment bankers to facilitate challenger bank IPO
The Royal Bank of Scotland (RBS) has recruited expert investment bankers from Bank of America Merrill Lynch to help prepare the stock market flotation of Williams and Glyn.
The spin-off bank is expected to be sold for £1.5 billion next year.
The investment bankers will begin meeting investors before the end of this year to identify demand for shares in the new bank, according to The Telegraph.
RBS has a deadline of 2017 to create a viable challenger bank, as ordered by the European Commission under the terms of its 2008 bailout.
Williams and Glyn will reportedly be made up of 308 former RBS and NatWest branches, with an IT infrastructure totally independent from RBS.
More than 4,000 staff are working full-time on creating the bank, which is expected to cost around £1.5 billion - meaning its sale is not expected to be profitable.