RBS scraps sale of Williams & Glyn

• Royal Bank of Scotland (NYSE:RBS) is abandoning the sale of its Williams & Glyn division, taking a £750M provision on its 2016 results in an attempt to turn around the retail bank unit.
• A sale of roughly 300 branches was agreed to as part of a government bailout in 2008.
• The new plan? RBS will deliver a fund, administered by an independent body, that challenger banks can access to increase their business banking capabilities.
• RBS shares are up 6.2% in London on the news.