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Report: RBS shareholders question validity of Williams & Glyn sale requirement

Royal Bank ofScotland Group Plc shareholders want the U.K. to see if theEU-imposed sale of Williams &Glyn should still be pursued, as the costs of carving out thenetwork have exceeded £1.2 billion, Reuters reported May 10.

Top 30 RBS shareholders told Reuters that the requirementshould be reviewed amid a reduced balance sheet and alleviating competition concerns.Investors are concerned that the process to separate the network, with apossibility of RBS missing the extended deadline of Dec. 31, 2017, for thesale, is affecting the lender's recovery and delaying its privatization plan.

An anonymous legal expert reportedly said the U.K.government could withdraw from the planned sale of W&G if Britain votes toleave the EU on June 23, as the country would no longer be bound by the EU'sstate aid regime.

The European Commission is entitled to appointing a trusteeto sell W&G at no minimum price, Reuters reported. Investors are worriedthis would mean the cost of separating W&G could be more than the estimated£1.5 billion price tag.