RBS launches rival bank takeover bid

Royal Bank of Scotland squared up to Barclays today by announcing its intention to launch a rival takeover bid for Dutch bank ABN Amro.

The Edinburgh-based group, which is the UK’s second biggest bank, said its proposal was worth 13% more than the £45bn (€66bn) takeover offer unveiled by Barclays for ABN on Monday.

RBS is working in conjunction with Belgium’s Fortis and Santander of Spain on its proposal, which it said was conditional on ABN unravelling its deal this week to sell US banking arm LaSalle to Bank of America.