Cited in the Scotsman, David Cummings, head of UK equities at Standard Life Investments (SLI), which owns a 2.9% stake in the Royal Bank of Scotland (RBS), and a 1.8% stake in rival Barclays, said: Overall, I think the Royal Bank is in a better position to complete on the bid. They’ve got an advantage in terms of integration benefits due to their proven track record with the NatWest deal which they did some time ago.
They’ve got an ability to attract more synergies from the deal, and therefore can justify paying a higher price than Barclays, Mr Cummings added.
SLI is the latest Barclays shareholder to put up a fight against the bank’s proposed bid, arguing that Barclays is at a disadvantage compared to RBS. Last week, the bank saw opposition being raised from another of its shareholders, Atticus Capital, which urged the bank to abandon its bid for the Dutch lender.
