4 Nov 2009

British banks to sell hundreds of branches

9:57 am on 4 November 2009

Royal Bank of Scotland and Lloyds Banking Group are to sell off hundreds of branches.

The sales had been demanded by the European Commission to allay competition fears following government bailouts, the BBC reports.

Royal Bank of Scotland will sell 318 branches and Lloyds more than 600 branches over the next four years.

The British government also announced that it would be putting up to a further £33.5 billion in Royal Bank of Scotland and £5.7 billion into Lloyds.