Shares in RBS were up on the FTSE 100 in morning trading, leading British banks after Santander confirmed that it made an offer for its 318 Williams & Glyn's branches.

RBS is required to sell the branches by the European Union after it received a substantial bailout from the British government during the financial crisis.

It is believed that Santander is the only bidder for Williams & Glyn's. It is not yet sure when the tender process for sale will be concluded.

By 09:10 shares in RBS were up 1.07 per cent to 47.20 per cent followed by Lloyds Banking Group, whose shares rose 0.09 per cent to 57.24 per share. By contrast Barclays shares were down 0.33 per cent to 314.95 pence per share and HSBC shares declined 0.15 per cent to 647.90 pence per share.

Overall the FTSE 100 was up 0.56 per cent to 5,283.13.