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.
The old can be sold on internet banking
Older consumers, although still the least likely age group to use the internet as their main method of banking, can be persuaded by the convenience of the web to use bank sites as a secondary means of controlling their finances, according to HSBC.A survey by Apacs last month revealed that over 18 million people in the UK utilise online banking services, yet people aged 65 and above were more likel...Read More
Bank tracking down 'dormant account' holders
Around 7,000 people have been identified by HSBC as holders of lost or forgotten-about accounts.The bank said that these customers had not touched their money in more than 15 years - and would now be contacted in order to reunite them with the funds.According to HSBC, 5,000 letters are to go out to dormant account holders immediately - with efforts being made to track down the further 2,000 curren...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...
Lloyds Bank finds massive loan risk on HBOS balance sheet
Lloyds Bank has this weekend revealed over £80 billion of high-risk loans on the HBOS balance sheet which it was not fully aware of. This comes at a time when Lloyds bank was forced to take a £10 billion hit for HBOS loan write-offs and a significant increase on its own more conservative balance sheet write-offs. So what next?
Overall Lloyds Bank has now located around £165 billi...
Bankrupts unable to open bank accounts
As the number of bankrupts in the UK continues to grow there is concern that many banking operations in the UK are preventing the opening of very simple and non-credit-based bank accounts. There is no legal reason why a bankrupt should not be able to have access to simple banking operations with no credit and no overdraft facilities are available. So why are UK banks doing this? From a banking...Read More