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.
Has the UK government blocked the closure of Cheltenham and Gloucester?
Only two months ago Lloyds bank was adamant that all 164 branches of the Cheltenham and Gloucester would close as the bank sought to reduce costs and slim down for the future. However, Lloyds bank has today released a surprise statement confirming that the company is going to revisit the potential closure of the Cheltenham and Gloucester branches and until the review is complete the operation will...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...
Sir Fred Goodwin's home attacked overnight
As the hate campaign towards Sir Fred Goodwin, the ex-chief executive of the Royal Bank of Scotland, continues it has been revealed that the ex-banking chief's home was vandalised overnight. A number of windows were smashed and a car was vandalised and police are currently investigating who carried out his actions. It has also been revealed that Sir Fred Goodwin's children were taken out of their...Read More
Private equity giant applies for British banking licence
It has been revealed that US private equity giant Blackstone has applied for a UK banking licence and could become the latest in a long line of companies looking to take advantage of confusion and disappointment with the traditional UK banking arena. The company is one of the largest buyout operations in the world with experience in many areas of business and contacts aplenty. The rumour is tha...Read More
Santander launches attack on the UK
Spanish giant Santander, the owner of Abbey and Bradford & Bingley, is a name which few in the UK would recognise at first glance. Despite the fact it is one of Spain's leading financial institutions it has chosen so far to keep its name out of the UK market and instead concentrated on the Abbey and Bradford & Bingley brand names. However, as of Monday we will see a number of Abbey and Bradford &...Read More