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.
Why Are Consumers Not Making Use Of The Citizens Advice Bureau?
As the economy continues to head south, financial worries rise to the surface and more people than ever face the threat of financial ruin, why are consumers not making use of the Citizens Advice Bureau (CAB)?
The CAB has been around for many years and is fully funded by the authorities with all advice both confidential and free. It seems that more and more people are waiting until...
Basic bank accounts 'top 7.4m'
The number of basic bank accounts offered in the UK topped 7.4 million in the first half of 2008, according to new figures.Data from the British Bankers' Association (BBA) revealed the news, which the organisation's chief executive Angela Knight said was welcome.This is because the BBA feels that banks' services should be available to the largest amount of people possible."By helping to provide ba...Read More
Former Northern Rock chief issues apology
Matt Ridley, the former boss of Northern Rock between 2004 and 2007, has today issued a seemingly heartfelt apology regarding the collapse of the former leading mortgage provider in the UK. Matt Ridley, together with a number of former Northern Rock executives, received severe criticism in the financial press when the bank collapsed and needed £26 billion of taxpayer's money to stop it going out...Read More
Royal Bank of Scotland to be scaled down
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Bank profits 'cost households £441 each'
Financial marketplace Zopa has estimated that the cost of HBOS and RBS' profits results in a bill to each UK household of £441, marking a ten per cent year-on-year increase.Recently, the banks made their profits known, with HBOS recording a £5.7 billion total and RBS achieving a £9.2 billion profit."The truth is that banks in the UK have let down their customers badly by failing to deliver agai...Read More