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.
Alistair Darling set to announce blueprint for banking sector
This week will see Alistair Darling announce his blueprint for the future of the UK banking sector which will include a significant boost in capital requirements, caps on bonuses and an obligation for banks to create their own "living wills". Whether or not these particular initiatives go far enough is debatable but there is no doubt of the need to rein in the power of the UK banking sector and th...Read More
Do I need an overdraft?
The subject of overdrafts, and overdraft fees, has been in the financial press for many months now and will continue to grab the headlines for some time to come. However, there is no doubt that many people across the UK make good use of their overdrafts to give themselves a buffer between unexpected expenditure and everyday spending. But do you actually need an overdraft? For many people the ve...Read More
Irish government expands bank guarantee to 5 foreign banks
In a move which could actually see Ireland sidelined from major involvement in the EU over the next few years it has been announced the government has extended the 100% guarantee on bank deposits to 5 more banks, all foreign owned. This has caused fury in the EU where ministers have been scratching their heads as to why the likes of Ireland and Germany seem to be going it alone.
Tesco to create 800 jobs in finance division
In a bid to grab a significant share of the UK finance market, Tesco has announced the opening of a banking call centre in Glasgow and the creation of 800 jobs. In a further direct attack on the UK banking sector the company will be rebranding its Tesco Personal Finance division as Tesco Bank and will in due course increase the number of products available in the UK.
This is an inte...
Bank card insurance holders can claim compensation
18/08/2015 People who have been sold unnecessary insurance for their bank cards will be able to claim compensation under new rules from the Financial Conduct Authority (FCA). The FCA has announced that forms will be sent to people who might have been sold the insurance later this month. Customers affected would have paid out £25 a year to protect themselves in case their cards were lost or...Read More