Tuesday, 24 May 2016
Last updated 20 hours ago
Apr 9 2013 | 10:11am ET
Two hedge funds that profited handsomely by betting against British banks are seeking to compound those gains by acquiring branches from one of the hardest hit, the Royal Bank of Scotland Group.
The Man Group's GLG Partners and Lansdowne Partners have indicated their interest in buying RBS' 316-branch network in the U.K., according to SkyNews. Some 20 institutions, including several British pension funds, F&C Asset Management, Schroders and Threadneedle, have also expressed interest, as have private equity firms Corsair Capital and Centerbridge Capital Partners.
A third, unidentified private-equity consortium also plans a bid, according to Sky.
RBS is selling the branches at the behest of the British government, which owns the majority of the lender following a 2008 bailout.
Sky reports that GLG's interest is more advanced than Lansdowne's. Should either win the branches, they would be acquired by a new company set up for the purpose, which would then be listed publicly.