Fund managers 'preparing RBS offer'

A group of more than 20 fund managers are preparing to table a takeover offer for 315 Royal Bank of Scotland (RBS) branches as suitors line up ahead of this week's bid deadline, it was reported.

The consortium, which is being led by Tesco's former finance chief Andrew Higginson, is thought to be the front-runner to secure the RBS branches being put up for sale to appease European Commission rules on state aid.%VIRTUAL-SkimlinksPromo%