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.
Co-operative Bank launches talking ATMs
The Co-operative bank has followed in the footsteps of Barclays, by installing talking cash machines on the streets of the UK. The machines will be aimed at helping blind and partially sighted consumers operate the ATMs, by providing an automated service as well as clearer, high resolution screens. 400 of the units have initially been installed by The Co-operative, while a further 2000 are expe...Read More
Confusion and disagreement on UK bank split
Despite the fact that the UK government and the Bank of England appear in favour of spitting UK banks into smaller more competitive components, Lord Adair Turner, the chairman of the Financial Services Authority (FSA), has today issued his opinion on the subject. He believes that by detaching the more stable elements of the UK banking sector from the "Casino institutions" we could well be injectin...Read More
Banks fading from high street and cutting financial advisers
04/02/2014 Banks are beginning to fade from the high-street as some of the biggest financial institutions are cutting branches and staff. Financial institutions cutting their high-street services include Lloyds banking Group who will be cutting managers, as well as back office and operations staff, whilst Barclays recently confirmed that they will be closing some high-street branches over th...Read More
Barclays Bank set to go it alone
We recently covered the story of Barclays Bank and the fact that the Financial Services Authority had rubberstamped the company's financial position, insisting that no further capital was required in the short to medium term. The bank has also received another piece of good news with the clarification that Barclays does not need to participate in the UK government's toxic assets insurance scheme.<...Read More
Brits couples shun joint bank accounts
British couples are increasingly choosing to keep their finances separate, a new study has revealed. According to a study conducted by online payments firm PayPal, seven in ten UK couples keep separate bank accounts. Reasons given by the respondents varied from the desire to maintain control of their money, which was cited by 56 per cent. Other reasons given included a refusal to take responsibili...Read More