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.
Success for unfairly treated bank customers
More than eight out of ten people have successfully reclaimed money from their banks due to unfair overdraft charges, new research claims.According to Which?, 85 per cent of its 2,200 survey respondents had a portion of the money they claimed for refunded.But the consumer watchdog insists that the proportion should be closer to 100 per cent if customers persisted with their banks.Emma Bandey, pers...Read More
Who broke Lloyds bank?
With Lloyds bank rumoured to be on the verge of a £15 billion fundraising there can be few other companies which have suffered such a dramatic demise in their fortunes. This is a company which in the midst of the UK financial recession were seen as one of the stronger and more conservatively run in the industry until the fateful day when the call came to takeover HBOS.
Are your building society savings safe?
Today's report from Moody's and the subsequent reduction in debt ratings has caused major concern among those with investments and savings in the UK building society sector. While the Building Societies Association has come out in of support the sector as a whole, suggesting that the report from Moody's is "over pessimistic", the fact that the red pen has been taken to the sector as a whole is wor...Read More
Bradford And Bingley Announces New Bond Yielding Around 7%
Even though the Bank of England has decided to keep interest rates at 5% for the moment, Bradford and Bingley has announced the launch of a new bond this week which will give investors around 7% gross. The bonds are available over 1 year, 2 year and 3 year durations and are currently the best on offer in the marketplace.
The minimum investment for these bonds is £1,000 and the max...
Brits shunning financial advice
Over half the population of the UK have never taken advantage of the financial advice on offer to them with products such as current accounts.Research conducted by Zurich has found that as many as 84 per cent of 18 to 24-year-olds have never sought financial advice, while 48 per cent of those married or bringing up children also confessed to going it alone with money issues.Regionally, it was foun...Read More