The Royal Bank of Scotland, which nearly collapsed during last year’s financial panic, is trying to avoid a possible sale of U.S. banking arm Citizens Financial Group, according to Reuters news service.
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Speculation is also mounting that the bank could earmark its Citizens business in America for disposal. Citizens is one of America’s top 10 retail banks, with a network of 1,600 branches. JP Morgan, Bank of America and Wells Fargo would all be interested in parts of the branch network. However, a deal may require the American authorities to revoke an arcane law that prevents any bank from holding more than 10% of America’s bank deposits.
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I am Danilo R. Quinonez, an MBA student.
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