Church buys bank branch stake
The Church of England's investment arm is to have a stake in the running of 314 bank branches being hived off by state-backed Royal Bank of Scotland (RBS) as part of a £600 million deal.
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'Challenger' bank to specialise in small business banking
The new high street bank that will take over the running of 314 bank branches will revive the dormant Williams & Glyn's brand, under plans announced today.
It is not yet known when the brand will start to appear on the high street. The business will take on a £19.7 billion loan book and £22.2 billion in customer deposits.
RBS Chairman Sir Philip Hampton said the new bank would have a particular focus on small business banking. He said:
"Williams & Glyn's will play an important role in the UK banking landscape and will be an excellent new addition to the market, with a particular strength in small business banking - a sector that is so crucial to the UK's economic recovery."
More: Church of England takes stake in new 'challenger bank'
Church to take stake in new high street bank
The new high street bank, backed by the Church of England's investment arm, will run 314 branches across the UK
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Church takes stake in bank branches sold by RBS
The Church of England's investment arm is to have a stake in the running of 314 bank branches being hived off by state-backed Royal Bank of Scotland (RBS) as part of a £600 million deal.
Investors including the Church Commissioners and financial firms Corsair Capital and Centerbridge Capital are to revive the dormant Williams & Glyn's brand, under the plans announced today.
RBS, which is 80% state-owned following its near-collapse at the height of the financial crisis, has been forced to sell the branches under European rules.