BRUSSELS (AP) — The European Union’s competition watchdog is examining a new plan, presented by Britain, which is meant to address concerns that Royal Bank of Scotland might gain advantages through its state bailout.
The European Commission had ordered RBS, one of Europe’s biggest financial services groups, to sell its Williams and Glyn unit to satisfy the concerns over state aid, but the bank struggled to find a buyer.
Britain’s Treasury proposed an alternative under which RBS would help other banks move into the market for small business customers. The new measures are likely to cost 750 million pounds and reduce RBS earnings.
EU Competition Commissioner Margrethe Vestager said Tuesday that “we can only accept this proposal if it has the same positive effect on competition as the divestment of Williams & Glyn.”
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