Tuesday 6 December 2016

RBS to wait until sale of Williams & Glyn before targeting Irish acquisitions

Published 28/10/2016 | 14:24

RBS ceo Ross McEwan
RBS ceo Ross McEwan

Royal Bank of Scotland (RBS) will wait till it completes a sale of its UK based Williams & Glyn unit before targeting Irish acquisitions, according to chief executive Ross McEwan.

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The RBS chief revealed earlier this month that he’s interested in looking at Irish deals in an exclusive interview with the Irish Independent. He confirmed to analysts today that the Ulster Bank parent will look at “safe” Irish add-on deals once a sale of Williams & Glyn is finalised.

Market speculation is or a potential merger with Permanent TSB or KBC Ireland. The British bank is under pressure to sell the unit to meet European competition rules. 

The bank said today that it won’t meet  EU deadline of the end of 2017 to complete the sale of its Williams & Glyn division.

Financial results today show a slow decline in profits at Ulster Bank in the third quarter of the year to £68m (€76m), down from £108m at the same time a year ago.

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