Corsair group wins fight for RBS's 314 UK branches

LONDON, Sept 27 Fri Sep 27, 2013 9:15am EDT

LONDON, Sept 27 (Reuters) - A consortium led by private equity firm Corsair will pay 600 million pounds to be an anchor investor in 314 branches being sold by Royal Bank of Scotland .

RBS said on Friday the consortium had won an auction and will take "a significant minority" stake in the branch network, to be called Williams & Glyn's, when it lists on the stock market at a later date.

U.S.-based Corsair, joined with fellow private equity house Centerbridge and other investors including the Church of England's investment fund and RIT Capital Partners, had emerged as the front-runner to land the deal in recent weeks, seeing off competition from a Blackstone-led consortium and from W&G Investments, a group of investors.