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 Debt Counselling The Final Option?
As the UK debt mountain continues to rise, more and more people are on the verge of serious financial trouble. Bankruptcies are on the up and credit card companies are starting to squeeze many of their clients for early repayment of debts at a time when they can ill afford extra outlay. Debt counselling is very much back in the frame, but is it really a last resort?
Many people fa...
Move against building societies grows with news of payoffs
For many years the building society sector has been seen to be the consumer's friend and a lot less aggressive than the leading UK banks. However, after the events of the last 7 days, which saw the Nationwide Building Society step in to rescue the Derbyshire and Cheshire building societies from collapse, the mood is starting to changes.
Apart from the matter of many investors havin...
Alistair Darling calls for multilateral reform of the financial sector
Alistair Darling has been speaking at the World Economic Forum in Davos today during which he urged countries around the world to pull together and reduce the influence of the financial sector as a whole. However, unlike some government around the world he has reiterated the UK stance which is against the breaking up of banks into separate entities such as investment banking and traditional bankin...Read More
What will the FSA investigation into the banking sector review?
As the UK banking sector readies itself for a full-blown investigation by the FSA there are concerns in some quarters as to exactly what will be unearthed. There have been rumours for some time about Royal Bank of Scotland in particular, with a court case pending suggesting that the company was technically insolvent prior to last year's rights issue. While there is no evidence in the public domain...Read More
More people set to ditch bank after poor treatment
A study from Which? has revealed that record numbers of people are expected turn their back on their bank in the coming year, as consumers become more fed up with how they are being treated. More than a quarter of people have admitted they have had a problem with their current account, while a fifth of people who went on to make a complaint to their bank said it was not resolved satisfactorily...Read More