Technical problems with Royal Bank of Scotland’s attempted sale of 314 branches could force it to beg 1.7m of its customers to switch accounts.
The taxpayer-backed bank is supposed to announce a buyer for its Williams & Glyn network by the end of the year.
RBS was ordered to sell Williams & Glyn by the European Commission as a punishment for receiving state aid in its 2008 bailout.
However, it has struggled to create a business that matches the profile demanded by Brussels. A series of technical problems have already hampered a deal, and derailed two attempted sales to Santander UK. A proposed float also fell apart.
Santander has now resurrected its interest. Clydesdale & Yorkshire is also considering an offer.
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Yet RBS is still struggling to create a database of customers that can be easily transferred to a new owner. It may be forced simply to request that customers transfer their accounts to the winning bidder via the seven-day switch service launched by the Payments Council in 2013.
It is unclear how RBS could ensure the customers follow through with the switch. Sources suggested this approach could slash the sale price as Santander or Clydesdale could argue they were at risk of losing customers who either refused to move or opted for a rival bank instead.
RBS, which has already spent £1.5bn on the Williams & Glyn disposal, declined to comment.
The bank’s share price closed last week at 227.6p, less than half the government’s break-even price on a sale of its stake.