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.
Banks 'not the bad guys'
Despite the fact that many people seem unhappy with their bank, complaining of extra fees and high charges on borrowing, the banks are really the good guys, the British Bankers Association (BBA) insists.Not only does the financial sector put enough money into the economy to build the equivalent of 36 new hospitals each year through corporation tax, but the top five corporate contributors to charit...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
Bank of England staff member suspended in rigging probe
05/03/2014 Following an investigation, a staff member has been suspended by the Bank of England for potentially rigging the foreign currency exchange market. Traders are alleged to have been involved in setting key exchange rates in the £3bn-a-day foreign exchange market. In a statement the bank said It does not condone market-rigging "whatsoever", but declined to comment further as to w...Read More
When did you last change your bank account?
Despite the fact that the UK banking sector is one of the most competitive in the world it would appear that very few people in the UK would actively consider changing their banking arrangements to take advantage of better deals elsewhere. Surveys have shown that the vast majority of people in the UK are very happy to remain with one bank for their whole of their working life despite the fact they...Read More
Lloyds TSB Hits Foreign Student With £660 In Charges
While Mongolian student Bayar Lkhagvajav may have only gone £1.86 overdrawn initially, the events which followed his error in judgement left him £58 in debt and charges of £660 on top. Even thogh Lkhagvajav's English was not the best in the world it still beggars belief that an initial £1.86 debt could spiral into £660 in charges - and only days before the banks are due back in court to figh...Read More