RBS declines comment on report of Hoare Govett sale

LONDON: Royal Bank of Scotland declined to comment on an article in The Sunday Times that it was planning to sell its Hoare Govett stock broking arm.

The Sunday Times, citing sources close to RBS, said the Scottish bank was examining plans to sell or close the division and was being advised on the matter by management consultancy McKinsey.

RBS, which is 83 percent owned by the British government after being bailed out during the 2008 credit crisis, has been ordered by regulators to sell off assets and trim its balance sheet.