(2 October 2015 – United Kingdom) Royal Bank of Scotland (RBS) has taken a further step to floating its challenger spin-off bank, Williams & Glyn. The high-street bank has lodged a banking license application for the 300-strong network in preparation for the 2016 flotation.
RBS said The 16,000 page banking licence application aims to demonstrate the bank's “systems and processes are fit for purpose and shows a clear and safe journey for customers.”
Last month, RBS hired Bank of America Merrill Lynch to prepare for the spin-off. The bank hopes to sell the new lender for around £1.5 billion (A$3.23 billion).
Over 4,000 staff are working full-time on carving out Williams & Glyn, with costing expected to be around £1.5 billion.
“This is an important moment for us. Bringing together our banking licence application over the last few months has required huge effort and dedication,” Willams & Glynn chief executive Jim Brown said.
“This application demonstrates how we’ll create an exciting retail and commercial bank for customers here in the UK.”