4 Financial Stock Stories to Close Out the Trading Week
The Royal Bank of Scotland Group (NYSE:RBS): Current price $11.75
The Royal Bank of Scotland has divested a major interest in its 314-branch ‘Project Rainbow’ business to a consortium led by the private equity firm Corsair Capital. The new business, which will go by the revived William & Glyn’s name, will receive a 600 million euros pre-IPO investment from the consortium, together with an additional payment of up to 200 million euros. Other members include the Church Commissioners for England, Lord Jacob Rothschild’s RIT Capital Partners, and the United States private equity investor Centerbridge Partners. A management team, led by former Lloyds commercial banking chief John Maltby, will manage Williams & Glyn along with RBS, until the IPO, which is not expected for another two years.