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.
Santander set to grab 318 Royal Bank of Scotland branches
The inside word appears to suggest that Santander, the Spanish banking giant, is on the verge of acquiring 318 Royal Bank of Scotland branches put up for sale by the company. Despite earlier rumours that the company had bid of around £1.8 billion it seems that the final asking price will be around £1.65 billion with Santander the only bidder left at the table. However, it looks as though the dea...Read More
42 million Brits have no idea about ID theft
According to Capital One, 42 million people in the UK have no idea how they can check if their identity has been stolen, while just one in ten knows what procedure to follow if they suspect they have been a victim of ID theft.Even though 41 per cent of people admit they are afraid that their identity could be stolen, millions of people put themselves at risk through their own actions.Some16 millio...Read More
Banks to face competition inquiry
18/07/2014 The UK banking industry is set to face an inquiry after a study by the Competition and Markets Authority (CMA) found that the current account and SME lending markets “lack effective competition”. At the moment, the largest four banks own more than 77% of the current account market and more than 80% of small business lending. This led the watchdog to claim that too many bar...Read More
Will the HBOS saga ever end?
As the Scottish government continue to cause problems for the Lloyds TSB bank and HBOS merger this has attracted a furious response from HBOS which is accusing the Scottish government of using the company as a political pawn. Members of the Scottish parliament have been very vocal in their opinion that one or more alternative bids will appear over the next couple of weeks and this has a serious ch...Read More
UK government set to loan Iceland £3 billion!
In a move which is sure to grab the headlines for all of the wrong reasons it has been announced that the UK government is on the verge of forwarding a £3 billion loan to Iceland in order to ensure that UK savers who lost money in the collapse are reimbursed. How perverse that the very people who are being reimbursed are the ones who are paying for the compensation scheme - what has it all come...Read More