U.K. government to stop short of RBS break-up

U.K. Finance Minister George Osborne reportedly plans to tell state-owned RBS (RBS) to create an internal "bad" bank of £40B of toxic assets rather than break itself up.

The strategy would negate the need for a vote of independent shareholders, some of which oppose a full break-up into "good" and "bad" banks.

Osborne may also order RBS to float its U.S. retail bank, Citizens, earlier than a previous target date of 2015, while the international division of RBS's wealth management firm Coutts could also be sold.

The bank could announce the shakeup when it releases quarterly results on Friday.

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