The group is led by the private equity house Corsair Capital, with the Church of England’s Quivercourt investment vehicle, Lord Jacob Rothschild’s RIT Capital Partners, and the US private equity investor Centerbridge Partners.
Their investment will convert to shares in Williams & Glyn’s at the IPO price.
The consortium will be restricted to holding 49pc of the company at the point of its London listing, but will have the option of buying a further 10pc stake, subject to RBS consent.
The Williams & Glyn’s brand was part of RBS Group until it vanished from the UK’s high streets nearly 30 years ago.
It is being resurrected through the sale of 314 RBS branches, as a condition of the bank’s 2008 taxpayer bailout.
As of June 30 last year, Williams & Glyn’s had total assets of £19.7bn, customer deposits of £22.2bn, and generated H1 operating profits of £168m.
A spokesman for RBS declined to comment on the investment by the KIO, which also holds small positions in both Barclays and Lloyds Banking Group.
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