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.
Virgin Money in rumoured bank expansion
Richard Branson is rumoured to be on the lookout for "a small UK bank" which he can bring into his Virgin Money operation and expand his banking services. The company has confirmed it is exploring "a number of strategic options" although the strongest rumours in the market currently relate to Virgin Money acquiring the "good bank" of Northern Rock. Those who have followed the story will be well...Read More
What can you expect from your future bank account?
There is no doubt that the days of "free banking" (if it ever existed) are coming to a close but what can you actually expect from your future bank account and future banking arrangements?
As we have seen over the last couple of years, more and more banks in the UK are now introducing monthly, quarterly, half yearly or annual charges across an array of different banking arrangements...
Bank collapse compensation changes set for 2011
The UK government and the Financial Services Authority (FSA) have today announced that various new regulations regarding bank collapses will come into play on 31 December 2010. This will see savers compensated within a seven-day period, if their bank collapses, and also afford protection to those who have loans with the same organisation.
This is all within the EU deposit guarantee...
How will the future fee free bank account system work?
Yesterday we saw Santander announce the introduction of a fee free bank account for Abbey, Bradford & Bingley and Alliance & Leicester mortgage holders but will this create a sea-change in the UK banking sector? While the fee free bank account to be introduced by Santander was well received in the marketplace, many believe that to all intents and purposes this is nothing but a marketing ploy. T...Read More
Santander to Charge Business Account Fee
Small businesses that bank with Santander are concerned, after it was revealed the bank could start charging a monthly fee to its business customers. The fee, which is set to be £7.50 per month, would affect many of Santander’s 230,000 small business customers. This will include customers that were transferred to Santander after its takeover of other high street banks such as Alliance and Le...Read More