Santander picks advisor for RBS branch bid

 

Spain's Santander has appointed Credit Suisse to advise on a potential bid for more than three hundred of Royal Bank of Scotland's UK bank branches, two people familiar with the matter said on Wednesday.

The Spanish bank, eager to expand its business banking footprint in Britain, could face competition from National Australia Bank and Virgin Money, part of entrepreneur Richard Branson's Virgin consortium, which are also looking at the assets, other sources said previously.

Suitors have been set an indicative bid deadline of around the Easter break in early April. But RBS, which has until 2013 to complete the sale, could pause the process if bids are too low.