Corsair Capital leads the group who won RBS’s 314 UK branches in an auction. The branches will now operate under the Williams & Glyn’s brand, which has been dormant for almost 30 years.
Other members of the group include private equity house Centerbridge and the Church of England’s investment fund.
RBS chairman Sir Phillip Hampton said: "We are delighted to be working in partnership with these investors to establish a new challenger bank for UK customers.”
"Williams & Glyn's will play an important role in the UK banking landscape and will be an excellent new addition to the market, with a particular strength in small business banking - a sector that is so crucial to the UK's economic recovery.”
The new brand has promised to place small businesses at the forefront of its focus as well as give funds to the community and 100 per cent annual salary cap on bonuses.
RBS stated that the investing group would pay £600 million for the branches and extra funds would be raised in a stock market listing in the future.
This deal will give Justin Welby, the Archbishop of Canterbury, a part to play in high street lending after he scolded the conduct of payday lenders earlier this year.
Picture: Ell Brown
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