GLG, Lansdowne, Private Equity Firms Eye RBS Bank Branches

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.


In Depth

U.S. Treasury Moves on Reinsurance Loophole

Apr 24 2015 | 5:11pm ET

The U.S. Treasury Department has released proposed rules aimed at limiting the ability...

Lifestyle

Puerto Rico Woos The Rich But So Far Gains Little

Apr 17 2015 | 2:45am ET

Hedge fund manager Rob Rill grins. He has just had word that U.S. financial regulators...

Guest Contributor

Starting a ‘40 Act Fund Family? Don’t Forget Your Board

Apr 30 2015 | 7:18am ET

The convergence of the hedge fund and mutual fund worlds continues unabated, as...

 

Editor's Note