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Angel Trains is one of the three major ROSCOs (Rolling Stock Companies) in the United Kingdom. Created in 1994 as part of the privatisation of British Rail, it owns around a third of passenger railway locomotives, multiple units and coaching stock running on Network Rail's system which it leases to various train operators. Like its fellow ROSCOs (HSBC Rail & Porterbrook) Angel Trains is now owned by a major banking group, in this case Royal Bank of Scotland Group who acquired Angel Trains in December 1997 from a division of Nomura Holdings for £395 million.
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