RBS's Plan B Probed by EU After Failure to Sell Williams & Glyn
- New plan contains ‘novel behavioral measures,’ EU says
- EU wants to verify new package levels competition distortions
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Royal Bank of Scotland Group Plc, Britain’s largest taxpayer-owned bank, faces an in-depth European Union review into whether a new plan to satisfy the conditions of its bailout is equivalent to selling its Williams & Glyn unit.
The alternative plan, which includes the bank helping to fund its competitors in small-business lending, contains “novel behavioral measures, the effect of which is difficult to quantify,” the European Commission said Tuesday in a statement. The EU competition regulator said interested third parties have one month to submit comments.