A private equity consortium, backed by the Church of England, has bought upto half of the former Williams & Glyn’s branches from the Royal Bank of Scotland (RBS).
The £600m deal has been brought forward by a consortium formed by investment firms Corsair Capital and Centrebridge, and will see the Church of England being the single largest investor with a 10% stake. The church is expected to use its influence to ensure the new bank is “ethically strong”.
Lord Davies, Corsair’s vice-chairman, will be part of the new bank, promised to address the issue of a lack of women in banking boardrooms. The chief executive is expected to be John Maltby, previously head of commercial banking at Lloyds.
In June, the Church Commissioners – responsible for the church’s investments – said it was considering bidding to take control of 315 branches of RBS, in order to create a new ethical bank. The decision was welcomed by Laura Willoughby of Move Your Money campaign, who said that another “values-led bank” on the high street was what people were demanding.
With roots dating back to the 18th century, Williams & Glyn’s Bank existed independently until 1985. It was then fully absorbed by RBS.
RBS has been forced to offload the branches by the EU commission, because it was bailed out by taxpayers in 2008. The bank is looking at reprivatisation in 2014, with its previous chief executive Stephen Hester resigning in June with £1.6m payoff.
The Church of England was criticised in July after the Financial Times revealed it had indirectly invested part of its portfolio in payday lender Wonga. It was rapped more recently for its funding of General Electric (GE) – in which it held £10m in shares.
Like our Facebook Page
Investing in a Sustainable Environmental Future for Northern Virginia
Prominent Trends in Seafood Sustainability in 2022
Can PEMF Help To Improve Plant Growth for Eco-Friendly Gardeners
How the U.S. Government is Promoting Green Energy in the Country
12 Essential Things for Buying Your First Home
Harnessing Sustainability with User-Centric Technology Innovation
Making Your Dream of Having an Eco-Friendly Garden Come True
Tips for Optimal Waste Management in Your Home
The Agricultural Benefits of Weather Stations for Eco-Friendly Farmers
What Makes Online Furniture Eco-Friendly?
7 Eco-Friendly Plant-Based Alternatives for Everyday Products
Top 5 Benefits of Eco-Friendly Cars
Why Eco-Friendly Homes Should Have Outdoor Bathrooms
Merits of Sustainability Reporting: What Every Manager Must Know
Low Emission and Clean Air Zones: What You Need To Know
4 Ways To Build A Sustainable Home
CEO Brian Ladin Explains How The Shipping Industry Is Going Green
A Guide to Eco-Friendly Landscaping
Why Transitioning Your Company to an EV Fleet Makes Sense?
6 Practices for Sustainable and Eco-Friendly Plant Operations
- Features11 months ago
Seven Health and Safety Tips for Eco-Friendly Products in a Green Home
- Energy11 months ago
Eco-Friendly Homeowners Lower Carbon Footprints through Greater Air Conditioner Efficiency
- Features11 months ago
Essential Guidelines for Eco-friendly Moving into new Home
- Features10 months ago
5 Compelling Reasons to Hire an Eco-Friendly Contractor