NatWest Group is expected to complete the sale next week of its New Jersey- based US retail banking arm, Bancorp, for a sum believed to be over pounds 2bn. Speculation as to the buyer has centered on Fleet Financial, the acquisitive New England bank, as well as the Bank of New York, First Fidelity and Nationsbank. HSBC, the London-based international bank which owns Midland, took an early interest but is believed to have pulled out of the running. NatWest Group has decided to abandon its position as a small retail player in the US, switching the resources into building up its investment banking activities in New York.
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Completion expected for Bancorp sale