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Challenger banks criticise RBS’s alternative plan to Williams & Glyn branch sale

Royal Bank of Scotland Group (LON:RBS) has drawn criticism from a group of so-called challenger banks over its alternative plan to selling 300 Williams & Glyn branches.

The bank has put forward a proposal to the European Commission to scrap the sale of the branches and instead spend £750mln on setting up a fund to help smaller challenger banks.

However, a number of challenger banks have written to the Commission to point out flaws in the lender’s plan for the fund.

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