Corsair frontrunner to buy RBS 'Rainbow' branches - sources
LONDON, Sept 20
LONDON, Sept 20 (Reuters) - A consortium led by private equity firm Corsair has emerged as the front runner to buy 315 branches being sold by Royal Bank of Scotland, three sources with knowledge of the deal told Reuters.
RBS executives are expected to rubber-stamp the decision later on Friday, the sources said.
U.S.-based Corsair is bidding along with fellow private equity house Centerbridge and other investors including the Church of England's investment fund and Standard Life Investments.
RBS was ordered to sell the branches in return for receiving a 45.5 billion pound ($73.1 billion) bailout during the 2008 financial crisis. The sale process, dubbed Project Rainbow, suffered a setback in October when Santander pulled out of a deal to buy the branches for 1.65 billion pounds.
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