Royal Bank of Scotland Group (RBS) is set to launch a trade sale of its Williams & Glyn retail banking arm after receiving various informal approaches for the business.
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The lender will start the trade sale process in the first half of 2016, while continuing to prepare for an IPO.
"The strategic attractiveness of Williams & Glyn has been reflected in a number of informal approaches for the business. Therefore whilst continuing preparations for an IPO, we are planning to launch a trade sale process in H1 2016," the UK lender said in a statement.
The bank plans to ink a binding agreement for the sale by end of 2016, and completely offload the business by the end of 2017.
RBS CEO Ross McEwan said: "Separating out the Williams & Glyn business is a complex process, but we remain focused on meeting our State Aid obligation, achieving full divestment by the end of 2017, and reaching the best outcome for shareholders, customers, and staff."
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By GlobalDataWilliams & Glyn managed net loans and advances to customers worth £20bn as well as customer deposits worth £24bn as of the end of the third quarter of 2015.
