The Toronto-Dominion Bank of Canada is in the process of deciding on bidding for the Royal Bank of Scotland's American retail banking business. The business, named Citizens had been appraised by the Canadian bank to be worth GBP8 billion or USD12.76 billion. This was reported in the Sunday Times without citing the sources of the information.

The newspaper had reported TD Bank of Canada had been coveting Citizens and this interest had ramped up since the summer.

For its part, RBS declined to provide a comment on the matter.

82% of RBS is owned by British taxpayers. It announced last Friday it would be selling off between 20% and 25% of Citizens in the next couple of years through an IPO to be held in New York. The bank is under tremendous pressure from solons to focus its lending to British households and businesses. It is also receiving pressure from the UK financial regulator increase its capital position.