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 launches fee-free bank account
Santander, the Spanish financial giant which owns the likes of Abbey and Alliance & Leicester, has today announced plans for a fee-free bank account which will go on general release in the UK in 2010. Under the terms of the account, holders will not be charged any fees on authorised or unauthorised overdrafts although they will still incur a pre-agreed interest rate which will start at 12.9%. Even...Read More
Webchat Thursday 2pm: Student Finances with Alvin Hall
FinancialAdvice.co.uk is proud to present a live webchat with Alvin Hall this Thursday at 2pm. The webchat will take place here: www.financialadvice.co.uk/webchat.html. Alvin will be offering his expert advice to parents concerned about keeping their children's university budgets in the black.
The new university term really...
Northern Rock's New Chief Executive Announced
In a move which has been on the cards for some time Northern Rock has announced the appointment of a new chief executive to take over the reigns from Andy Kuipers who will be leaving the group at the end of September. Kuipers was one of the few original Northern Rock directors to avoid the chop and his place will be taken by Gary Hoffman who is currently the vice chairman of Barclays Bank.
RBS admits further consumer misery is likely, as some Ulster Bank accounts won’t be up and running until 16th July
RBS have announced that some customers of Ulster Bank may be without a fully functioning bank account for a whole month, after another two weeks of disruption were forecast. There has already been two weeks of commotion, and another fortnight is likely to do the image of the banking group considerable harm. The technical problem that affected the bank sent computer systems into a frenzy, and cu...Read More
Are we seeing the emergence of a new guard in the UK banking sector?
As many of the old guard continue to be forced out of office by various banking shareholder groups a number of analysts believe that we are on the verge of a new dawn for the UK banking sector. However, with such figures as Sir Victor Blank and Sir Fred Goodwin to name but two now forcefully ejected from their office there is a concern that the vast array of experience and knowledge gathered by th...Read More