Royal Bank of Scotland Group PLC is near naming Bank of America Corp. as a corporate broker, a move that would see the U.S. moneylender tasked with kicking begin one of the biggest privatizations in U.K. history, as per individuals acquainted with the matter.

U.K. Chancellor reported that the U.K. government would begin offering down its 79% stake in RBS. The British government's stake is around worth simply over £32 billion ($49.4 billion), well underneath the £45.5 billion that citizens infused into the loan specialist at the stature of the money related emergency.

Corporate expediting customarily produces just ostensible expenses, yet it is seen as a course for venture banks to acquire lucrative work exhorting on mergers and acquisitions and capital raises. These connections can be among the stickiest and rivalry for them can be savage.

Bank of America Merrill Lynch additionally goes about as corporate agent to Lloyds Banking Group PLC, another loan specialist which was ransomed by the U.K. government and is gradually being privatized. The U.S. bank not long ago was named as joint specialist to Royal Mail—the postal administration in which the U.K. government sold a 15% stake worth £750 million through a quickened book construct Wednesday evening.

At Bank of America Merrill Lynch, Jim O'Neil, who drives the bank's money related foundations business all inclusive, has worked with RBS previously. Mr. O'Neil rejoined BAML in the harvest time of 2013, following a three-year stretch at U.K. Budgetary Investments, the body set up to deal with the U.K. government stakes in, among others, RBS and Lloyds Banking Group.