October 31, 2009 UK plans banking shakeup, to sell 100s of branches

LONDON (AP) - A government official says that the Royal Bank of Scotland, Northern Rock, and Lloyds Banking Group are to sell off around 700 branches in the next five years or so.

The official told The Associated Press that the Royal Bank of Scotland Group PLC, Lloyds Banking Group PLC and Northern Rock were in negotiations with British and European officials over how many of their assets they would have to sell off after they were bailed out by British taxpayers in the wake of the credit crunch.

The official spoke on condition of anonymity because the moves had yet to be finalized.

Northern Rock is government-owned and U.K. taxpayers have big stakes in Lloyds Banking Group and RBS.

(Copyright 2009 by The Associated Press. All Rights Reserved.)