On Friday, European regulators directed the Royal Bank of Scotland to decide on how to get rid of its outlets. According to industry informants who told Reuters about the matter, the regulators gave RBS a month to sell its 315 branches.

In 2008, the bank which was 82% state-owned, obtained GBP45.5 billion (US$69.2 billion) from the government. The state's terms in rescuing RBS include selling substantial branches.

The sources stated RBS received bids from 3 sets of venture capitalists. It took the offers into account since the said investors could aid in making strategic plans.

Centerbridge and Corsair conglomerate which has support from Church of England's investment fund, Britain's biggest investment units managed by Andy Higginson, former Tesco finance director and Anacap Financial Partners in union with Blackstone were the three bidders.

However, RBS said it had not chosen a specific proposal yet.

"All bids have their merits and it is too early to say which bidder is most likely to succeed," said one industry source familiar to the sale process.