Hoare Govett management eyes escape from RBS, rumour

6th Jan 2012 11:34

Royal Bank of Scotland may have found a buyer for its UK corporate brokerage, Hoare Govett; Hoare Govett's own management.Bloomberg is reporting that a management buyout, aided by Oriel Securities, could see the 90 year old company break free of its 83% state owned parent.RBS is known to be keen to get rid of most of its investment banking activities as it seeks to carve out a new niche for itself, far removed from the heady days of expansion before the horrors of 2008.RBS shares are down 2.75% this morning as fears continue over the solvency of the European banking system.BS