Northern Rock could take over Royal Bank of Scotland and Lloyds Bank branches
It has been revealed that Northern Rock is considering acquiring the various branches of Royal Bank of Scotland and Lloyds Bank which the two companies have been forced to put for sale by the European Union. This is part of the deal which saw the two UK giants receive significant taxpayer funding to save them from financial meltdown. However, this is the first time that Northern Rock has been mentioned as a possible bidder for the branches in question.
It appears as though Northern Rock is looking to "reinvigorate" its standing on the UK high street and the acquisition of up to 918 branches would certainly assist with this aim. Whether the deal actually goes through or not is another matter with other bidders said to be circling Royal Bank of Scotland and Lloyds Bank. What does seem certain is that the UK high street will be very different to that we knew just two years ago with various banking branches set to change hands and some disappearing from the UK financial altogether.
The UK banking sector as a whole has changed dramatically over the last few years and there may well be more significant changes to come.
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