"The Board of CYBG can
confirm that the Company has engaged in discussions with RBS and has made a
preliminary non-binding proposal to RBS in relation to its Williams and Glyn
This engagement is ongoing
and there can be no certainty that any transaction will occur, nor as to the
terms on which any transaction might be concluded."
As a condition of its 2008
bailout, RBS needs to sell W&G by 31 December 2017 but the banking giant has
struggled to secure a buyer so far as interested parties have been disuaded by
the significant technological issue of separating out branches and clients from
the rest of RBS.
The company said a
transaction will only be pursued if it is in the best interests of CYBG