RBS gearing up to flotation of Williams and Glyn

13th Sep 2015 13:00

(ShareCast News) - Royal Bank of Scotland (RBS) is set to finally get the ball rolling with the sale of Williams and Glyn, it was revealed over the weekend.The flotation of the operation is now expected to happen in the latter half of 2016, the Sunday Telegraph reported, with Bank of America Merrill Lynch advising the lender on the process. It is set to begin meeting with potential investors later this year.The listing of the operation, which was agreed as part of the terms of the state-backed bank's 2008 bailout terms, is set to cost the group all of the £1.5bn it is expected to generate from the sale.RBS is in the process of applying for a banking licence for the spin-off and will then submit its business plan to the Competition and Markets Authority.After missing its initial December 2013 deadline, set by the European Commission, RBS now has until the end of 2017 to complete the process.