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.
Conman jailed for £8 million bank scam
Conman Frageand Naseem was yesterday jailed for nine years after being found guilty of a simple but very effective scam which netted him £8 million although had him on the verge of a potential £100 million return. It appears that armed with just a mobile phone and a library card for ID, Frageand Naseem was able to obtain, by persuasion, an array of personal and very confidential details about la...Read More
Is this the end of free banking?
A report in the press today suggests that the vast majority of the UK population are paying a monthly fee for their banking services and indeed we are seeing the end of "free banking". So is this really the case?
The truth is that free banking ended some time ago in UK as more and more fees have been introduced to cover everything from statements to overdrafts, from setup fees to ad...
Do Irish banks now have a competitive edge?
News that the Irish government has guaranteed all bank deposits in the country has led to some rather serious questions across Europe with the European Commission now taking a more of an interest in the situation. Aside from the fact there are many who actually believe that the scheme is illegal many are now starting to ask whether Irish banks have a competitive edge over their European counterpa...Read More
ID theft costs £2.7 billion a year
In a startling revelation it has been revealed that the cost of cleaning up ID theft in UK has soured to around £2.7 billion a year with some issues taking up to 200 hours to unwind. It has also been revealed that the average ID theft now nets criminals in excess of £1000 and there are real concerns this figure is set to spiral higher in the short to medium term. It seems that criminals are now...Read More
Scam Alert In The UK
The internet has brought so much to our everyday lives such as buying online, checking our finances online and finding almost any information you are after, but it has also opened the door for many frauds and scams. There are reports that as people become more desperate for money the number of scams and frauds is increasing.
Email is very often the first port of call for the frauds...