Royal Bank of Scotland eyes sale process for Williams & Glyn

Royal Bank of Scotland — the parent of Ulster Bank — will sound out potential buyers for Williams & Glyn after receiving a number of approaches while continuing preparations for an initial public offering of the consumer bank.

The lender will target a “binding agreement” to sell Williams & Glyn by the end of 2016 with full divestment the following year, the Edinburgh-based bank said yesterday.

British and European banks have signalled interest in the consumer-lending unit that could be valued at about £1.5bn (€1.36bn).