Bank set to take over First Active by 2004

ROYAL Bank of Scotland expects its bid for First Active, announced Monday, to be completed by January 2004 if there are no hitches along the way.

Under stock exchange rules it is obliged to post the offer document within 28 days of the bid.

Once that has been done, First Active is obliged to call an extraordinary general meeting within 21 days of the offer document being delivered.