Williams & Glyn: competition implications of divestment proposals
The Chancellor requested advice from the CMA on the competition implications of the latest proposals for the divestment of Williams & Glyn.
|December 2015||Case suspended until further advice from HMT|
16 December 2015: On 28 May 2015, HM Treasury (HMT) asked the CMA to assess the likely impact of the latest proposals for the divestment of Williams & Glyn for competition in the UK banking sector, in order for the government and RBS to identify if more could be done.
In July 2015, HMT asked the CMA to delay finalising its advice until later in the year because Williams and Glyn’s business plan had not yet been finalised and it was not possible for the CMA to conclude its advice until the Prudential Regulation Authority (PRA) had had the opportunity to examine that plan.
On 15 December 2015, HMT has asked the CMA to suspend its work on the review for now in light of RBS’s decision to launch a trade sale process, which would be likely to raise different issues from an initial public offering (IPO) depending on the identity of a buyer and which would be subject to merger control as appropriate.