Santander confirms Royal Bank of Scotland branch offer
Spanish giant Santander has today confirmed a potential £1.8 billion for the 318 Royal Bank of Scotland branches which are up for auction. It is believed that Santander is the only firm bidder for the branches despite the fact that a number of parties came forward when the auction process began. The branches are being sold because of an EU ruling in relation to state aid for Royal Bank of Scotland when the company was on the verge of collapse.
Santander has been picking up UK assets for some time now having bought Abbey, Alliance & Leicester and the savings arm of Bradford & Bingley. If the Royal Bank of Scotland offer is successful, as seems likely, the company will have a 14% share of the UK mortgage market and 10% share of the retail savings market. In many ways Santander has been ahead of the game having changed a number of well-known UK brands to the "Santander" brand thereby escaping some of the growing consumer disdain aimed at the UK banking arena.
Many people expect further consolidation in the UK banking sector with the potential for retail banking and investment banking arms to be separated at companies such as Barclays bank.
Do you keep your PIN number hidden?
A report by Which? magazine has highlighted the risks which many UK credit card and debit cardholders are taking with the revelation that many actually write down their pin numbers. A large number of people in the UK tend to keep their pin numbers in wallets, handbags or even type them into their mobile phones leaving themselves at significant risk of fraud and theft. It is believed that around...Read More
Is Debt Consolidation Really The Answer?
As we see more and more debt consolidation companies promoting their services and undergoing aggressive marketing campaigns, many are now starting to ask if debt consolidation is the answer, or is it just delaying the inevitable for those with financial worries?
While the IVA and Bankruptcy companies had a difficult time last year, as the banks decided to reduce the charges they wer...
Mobile phone payments enjoy successful London trial
Londoners could soon be able to make payments with a swipe of their mobile phone, following the success of a trial from Nokia and network providers O2.The Finnish mobile phone firm provided 500 city residents with a handset adapted with both Barclaycard and Oyster card technology.Contactless payments were then made through the devices for tube trips and small purchases from retailers including Yo!...Read More
'Robin Hood' banker goes to jail
A "Robin Hood" bank worker diverted £7 million of his corporate clients' money to help out other businesses who were struggling financially, it has emerged.Benedict Hancock, 39, was sentenced to 18 months in jail at Blackfriars Crown Court for his false accounting.The court also heard that the majority of clients who had money transferred away from their accounts did not notice that it was missin...Read More
Irish government expands bank guarantee to 5 foreign banks
In a move which could actually see Ireland sidelined from major involvement in the EU over the next few years it has been announced the government has extended the 100% guarantee on bank deposits to 5 more banks, all foreign owned. This has caused fury in the EU where ministers have been scratching their heads as to why the likes of Ireland and Germany seem to be going it alone.