Santander set to grab 318 Royal Bank of Scotland branches
The inside word appears to suggest that Santander, the Spanish banking giant, is on the verge of acquiring 318 Royal Bank of Scotland branches put up for sale by the company. Despite earlier rumours that the company had bid of around £1.8 billion it seems that the final asking price will be around £1.65 billion with Santander the only bidder left at the table. However, it looks as though the deal may well take up to 18 months to complete!
Under strict UK and European banking regulations it is likely to take up to 18 months for the acquisition to be finalised and the transfer of the branches completed. This does seem rather bizarre when you consider that the European Union forced Royal Bank of Scotland to put these branches of the sale due to the fact the company had received significant state aid from the UK authorities. It will be interesting to see any comments from the competition authorities but ultimately with Santander the only bidder at the table the deal should effectively flow-through.
The sale of the branches will mean a massive difference to the future makeup of Royal Bank of Scotland which has paid a price for significant risks taken in the past. The Royal Bank of Scotland we see today will be very different to the Royal Bank of Scotland we will see in 18 months time.
Santander fined for financial advice failings
31/03/2014 The Financial Conduct Authority has fined Santander £12,377,800 after the bank was found to be failing to offer adequate financial advice to its customers. The FCA reported a concern over Santander’s approach to considering investors’ risk appetites. There was a significant concern that customers were not being given the correct advice based on their appetite for risk....Read More
The Bank Charge Saga Goes On
After losing what all parties had agreed would be a watershed case, it appears that the main banks of the UK are set to appeal the decision. Eight of the UKÃ¢â‚¬â„¢s main banks are seeking permission to appeal against the earlier verdict which affectively gave customers the right to claim back a variety of bank charges going back some years. However, the situation is currently on hol...Read More
HSBC slammed over holiday ad
HSBC has been criticised by an advertising watchdog, over misleading claims that customers would not be charged for making cash withdrawals overseas in one of its advertsThe Advertising Standards Agency (ASA) has ruled that the advert in question - which shows shots of foreign currency, with the tagline "Whoever's on your banknotes with bank account plus you can withdraw them worldwide and we won'...Read More
Do you really need an overdraft?
As the UK banking sector looks to recover lost income from various rulings by the UK government and the regulatory bodies, it would appear that overdrafts are very high on the agenda. While many banks have announced an increase in their 0% barrier between a credit and debt balance on your account, many have also hiked interest rates outside of the buffer zone and also introduced significant fines...Read More
Government U-turn on post offices
The government has intentionally leaked plans for the UK Post Office network to the press this week amid signs that a massive U-turn is underway. After initially looking to downsize the Post Office, sell-off the more profitable areas and withdraw from many local communities, Lord Mandelson is believed to be pushing ahead with new plans to make the UK Post Office network a "mini community bank". So...Read More