The UK Seeks European Union Clearance To Split RBS

The UK chancellor sought the European Union’s permission to split Royal Bank of Scotland Group plc (NYSE:RBS) (LON:RBS) without being forced to adhere to new EU banking rules. The European Union’s earlier notification provided stricter new rules on executive pay and share ownership. The UK chancellor reportedly sought clearance from the European Union in July, just before the stricter new rules came into force. Smoothing the carve-out process If the EU approves UK chancellor George Osborne’s request, it would free up the chancellor to order a break-up of Royal Bank of Scotland Group plc (NYSE:RBS) (LON:RBS) without being forced to wipe…