RBS in talks over sale of business

Several industry sources have identified BNP Paribas, France’s biggest bank, as front-runner to buy the business.

RBS, which is 81 per cent owned by the Government, declined to say who it was in talks with yesterday. BNP declined to comment.

The bank said in June it would offload the IP&ED business as it pares down its investment bank to appease lawmakers who want it to focus on lending to domestic households and businesses.

“RBS continues to make progress with its sale of the IP&ED business and is in discussions with a third party in connection with such sale,” the bank said yesterday.

The value of the deal has yet to be determined.