Royal Bank of Scotland (RBS) is reportedly engaged in negotiations with US-based private equity firm Warburg Pincus to infuse fresh equity capital in its cash strapped Irish arm Ulster Bank.
As per RBS’ new plans, private equity investors will inject required capital into UIster Bank, following which, it would be combined with another Irish bank, most likely Permanent TSB, to establish a megabank.
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Warburg Pincus is one of several private equity (PE) firms, who are scrutinizing the deal along with CVC, KKR and Permira, as reported by The Sunday Times.
Reports emerged that earlier buyout groups KKR, Blackstone and Carlyle had also expressed interest in offering fresh capital to the troubled Irish bank.
The newspaper also reported that the capitalized Ulster Bank will eventually be floated on the stock market, releasing capital for the private equity investors.
Working on behalf of RBS, PwC advisers had circulated an information package among potential PE firms, whereas Morgan Stanley was also helping on the proposed transaction.
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