RBS set to appoint Bank of America as corporate broker -source

LONDON (Reuters) - Royal Bank of Scotland is set to appoint Bank of America as its new corporate broker, a person familiar with the matter said on Thursday. Bank of America will take up the role as RBS prepares for the government to start selling its 79 percent stake in the bank at a loss later this year, which was announced by Finance Minister George Osborne on Wednesday. Bank of America Merrill Lynch's global financial institutions business is headed by Jim O'Neil, who was previously chief executive of UK Financial Investments (UKFI), which manages the government's stakes in RBS and Lloyds Banking Group . RBS's current brokers are Morgan Stanley and UBS. It was not known if they would still advise the bank. (Reporting by Matt Scuffham; Editing by Steve Slater)