Williams & Glyn separation delayed until 2017

Paul_1977

The separation of Williams & Glyn will not be achieved until after Q1 2017, according to RBS.

In its full year results, the Bank says it remains committed to full divestment by the end of 2017, although it continues to face "significant
challenges and risks in separating the Williams & Glyn business", some of which may only emerge as various separation process phases are progressed

http://www.financialreporter.co.uk/finance-news/williams-and-glyn-sale-postponed-until-2017.html

I can't see it happening.

System

They probably want someone to snap it up whilst its 3/4 detached.

TSB (Sababell), Santander, Clydesdale or Virgin look are the usual suspects.

EarthBoy

Perhaps RBS are waiting for the result of the referendum? The branch sale was ordered by the EU after RBS was bailed out in the crash. If we vote for Brexit, RBS might tell the EU to get stuffed and keep the branches.

chambta

It's beyond tedious.

gunsandbanjos

Why is it taking so long? The TSB separation from Lloyds didn't take this long.

agrinnall

gunsandbanjos wrote: »

Why is it taking so long? The TSB separation from Lloyds didn't take this long.

Because there's no buyer for W&G at this time, and it probably can't operate as a stand alone bank given the precarious position of the group.

realaledrinker

gunsandbanjos wrote: »

Why is it taking so long? The TSB separation from Lloyds didn't take this long.

Lloyds mainframe dates from the 70s, Natwest from the 60s. Maybe?

agrinnall

realaledrinker wrote: »

Lloyds mainframe dates from the 70s, Natwest from the 60s. Maybe?

The old software in the group is from RBS as the Natwest version was junked at the merger, but you're right that much of it is from the 70s and there may be some elements that are even older.

gunsandbanjos

Thanks guys, was just curious.

pinkdalek

Oh no so that means we will have to wait longer for the........
"What will my Williams & Glynn debit card look like?" thread....

Anthorn

I've been watching this with some interest. Way back in 1966 when I left school and got a job Trustee Savings Bank provided my first bank account. Now I've gone full circle with TSB. Then when I went to London Williams & Glyn's Notting Hill Gate branch provided my first cheque account. Maybe I'll go full circle again.

Oh ok, I just an old guy guy reliving my youth lol