Consortium Offer RBS GBP1 Billion for Quick Branch Sale -Newspaper

Former Tesco PLC (TSCDY) Finance Director Andy Higginson, who is representing a consortium of investment and hedge fund companies, has offered Royal Bank of Scotland Group PLC (RBS.LN) more than 1 billion pounds ($1.55 billion) for a network of branches on the condition of a quick sale, according to a report in the Sunday Times newspaper, citing one unidentified consortium backer.

The consortium includes Schroders, Invesco, Threadneedle, Lansdowne Partners and GLG - and the billionaire Pears family, according to the report.

Mr Higginson has told RBS that if the bank ignores rival bids and enters exclusive talks, a cheque for more than GBP1 billion could be handed over by the summer.

RBS is under pressure to select a buyer for the 316 branches that are being sold on the orders of the European Commission. It has to finalize a deal before the end of the year to avoid further penalties from Brussels.

Higginson couldn't be reached for comment, while a RBS spokeswoman declined to comment on the report.

Newspaper Web site: http://www.timesonline.co.uk

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