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.
State backed banks accused of offering poor rates
The likes of Lloyds Bank and Royal Bank of Scotland today stand accused of offering very disappointing rates to UK savers and less than competitive rates to UK borrowers. This will dismay the UK government at a time when the UK economy needs further liquidity and UK consumers are crying out for more help. We have seen businesses and families struggling to make ends meet, and this is sure to have a...Read More
Do you understand the Financial Services Compensation Scheme?
The Financial Services Compensation Scheme was recently updated by the government in the wake of the Northern Rock collapse and many at the time suggested that it was inadequate. The last few days has seen more and more savers concerned that they may not have the protection they first thought through the scheme. So how does it work?
In simple terms the Financial Services Compensat...
Are The Banks Trying To Confuse You?
It seems that last weeks announcement of a reduction in overdraft charges by Barclays Bank may not be quite as straight forward as it seems. While the reduction in overdraft charges is going ahead, and has been well received by customers, it seems that Barclays may actually be using these changes to slip in a number of new accounts – all of which carry charges.
Santander confirms 400 new UK jobs
Spanish banking giant Santander, the owner of Abbey, Bradford and Bingley and the Alliance and Leicester, has today confirmed a further 400 new jobs in the UK. The 400 jobs will be in call centres in Liverpool, Leicester and Glasgow and are on top of the 600 jobs announced in July. It seems that Santander is now making a major push for the UK market at a time when many UK banks are pulling back on...Read More