February 17, 2017 / 7:49 PM / 3 years ago

RBS proposes abandoning sale of Williams & Glyn unit

A man walks past a branch of The Royal Bank of Scotland (RBS) in central London, Britain August 27, 2014. REUTERS/Toby Melville/File Photo

(Reuters) - Royal Bank of Scotland Group Plc has proposed abandoning the planned sale of its Williams & Glyn unit after a seven-year struggle to sell the small business lender to meet European Union state aid demands.

The taxpayer-backed bank has proposed an alternative series of measures to help so-called challenger banks and boost competition among lenders.

If the plan is accepted it would end one of the bank’s biggest headaches after it was ordered to sell Williams & Glyn as a condition of its state-backed rescue at the height of the financial crisis.

Reporting by Ismail Shakil in Bengaluru and Andrew MacAskill in London, editing by David Evans

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