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.
Is It Safe To Use Overseas Banks?
As investors and savers look to squeeze the last penny of profit out of their assets it seems as though many in the UK are looking towards the Iceland banking community with 300,000 British residents holding accounts with banks based in the country. While there have been no problems yet there are fears that the smaller banking community of country might not be able to cope with a run similar to t...Read More
Which? magazine points to disappointing services in the UK
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Building societies are best, says BSA
Local building societies can have a number of advantages over national banking institutions, the Building Societies Association (BSA) has told consumers. Adrian Coles, the director-general of the BSA, listed high levels of service, a good understanding of local markets, tailor-made products and knowing their customers as some of the advantages of banking with a building society.Mr Coles added tha...Read More
Complaints about switching bank account up, but scale of problem is small
The British Bankers' Association (BBA) has sought to reassure consumers after the Financial Ombudsman Service recently disclosed that complaints about moving current accounts from one bank to another have risen by 50 per cent in the last year.The number of complaints about switching current accounts has gone up from 1,200 to 1,800, but the BBA said that this was still only a problem for "a very ti...Read More
Webchat Thursday 2pm: Student Finances with Alvin Hall
FinancialAdvice.co.uk is proud to present a live webchat with Alvin Hall this Thursday at 2pm. The webchat will take place here: www.financialadvice.co.uk/webchat.html. Alvin will be offering his expert advice to parents concerned about keeping their children's university budgets in the black.
The new university term really...