The Royal Bank of Scotland Group will, as expected, sell its roadside breakdown and recovery business Green Flag as part of the restructuring of the business to meet European Commission requirements on state aid following the organisation's bail-out by the UK Government.
RBS is majority owned by the UK Government and yesterday's (Tuesday, November 3) announcement by Chancellor of the Exchequer Alistair Darling concerning the restructuring of the entire business includes the sale of RBS Insurance, which includes Green Flag, between now and the end of 2013.
The sale, said RBS, would be timed to maximise value and may be sold through an initial public offering, agreed sale or a combination of the two.
RBS says that it will now develop a process and timetable to be agreed with the EC for carrying out the disposal.
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