The Royal Bank of Scotland Group plc has published an update on its progress in separating Williams & Glyn.
The bank claims it is committed to meeting its obligation under the State Aid agreement to dispose of Williams & Glyn before the end of 2017, as well as ensuring a smooth transition for Williams & Glyn’s 1.8 million customers.
RBS submitted the banking licence application for Williams & Glyn on 30 September 2015 and are now working with the PRA and FCA towards obtaining the licence and separating the business from RBS.
It says it is now planning to separate the business from RBS in the first quarter of 2017 which remains compatible with the end 2017 divestment deadline.
While continuing preparations for an IPO, it is planning to launch a trade sale process in the first half of 2016, and targeting the signing of a binding agreement to sell the business by year end 2016, with full divestment by the end of 2017.
As at end Q3 2015, Williams & Glyn had net loans and advances to customers of £20 billion and customer deposits of £24 billion.
Ross McEwan, RBS CEO, said: “Separating out the Williams & Glyn business is a complex process, but we remain focused on meeting our State Aid obligation, achieving full divestment by the end of 2017, and reaching the best outcome for shareholders, customers, and staff.”