The medical research charity of the country, the Wellcome Trust has decided to join the private equity firm Blackstone. It has announced to back Blackstone's bid for more than 300 Royal Bank of Scotland branches.

The current year report for the Trust was quite impressive. It has a portfolio of £14billion and its investment arm has produced around £650 million of funding.

This huge add has been pulled from the market for various activities of the charity. In recent years, it has been playing an active role in private equity consortiums. So far as the joining is concerned, the firm has decided not to take part in any of the management activities of Blackstone. It will only support as a financial backer. However, Blackstone and Wellcome are going to face a tough competition from Banco Santander.

Banco Santander if the front runner for the deal with other contenders like National Australia Bank, and Virgin Money, Sir Richard Branson's banking operation etc. The Spanish banking business BBVA is also in the contention to acquire the branches.