Jefferies favourite to buy Hoare Govett from RBS Jefferies is understood to have made an offer for Hoare Govett, which is seen as one of the most attractive businesses being sold by RBS. The deal will involve Jefferies taking on the more than 30 staff employed by Hoare Govett and the bank will also interview some of RBS's cash equities staff, including salesmen, traders and analysts. Hoare Govett was originally acquired by RBS in 2007 as part of the takeover of Dutch banking group ABN Amro. Senior bankers at RBS are rushing to find buyers before the end of the month for the bank's cash equities division, mergers and acquisition advisory business, as well as its equity underwriting operation. In a blow to these efforts, US financial group Wells Fargo is understood to have dropped out of the bidding for the cash equities business. On Friday RBS received indicative bids for all the businesses being sold, with Asian and Australian banks said to be interested in buying parts of the operations being sold. Lazard, which is advising RBS, is expected to recommend to the bank's senior management by the end of the month whether sales are possible for all or parts of the business. Any business it is unable to find a buyer for will be shutdown by the bank. Jefferies and RBS declined to comment.