Santander confirms Royal Bank of Scotland branch offer
Spanish giant Santander has today confirmed a potential £1.8 billion for the 318 Royal Bank of Scotland branches which are up for auction. It is believed that Santander is the only firm bidder for the branches despite the fact that a number of parties came forward when the auction process began. The branches are being sold because of an EU ruling in relation to state aid for Royal Bank of Scotland when the company was on the verge of collapse.
Santander has been picking up UK assets for some time now having bought Abbey, Alliance & Leicester and the savings arm of Bradford & Bingley. If the Royal Bank of Scotland offer is successful, as seems likely, the company will have a 14% share of the UK mortgage market and 10% share of the retail savings market. In many ways Santander has been ahead of the game having changed a number of well-known UK brands to the "Santander" brand thereby escaping some of the growing consumer disdain aimed at the UK banking arena.
Many people expect further consolidation in the UK banking sector with the potential for retail banking and investment banking arms to be separated at companies such as Barclays bank.
Is your bank safe?
As rumours and counter rumours regarding the FSA's stress tests continue to circulate the market many people are starting to look towards their own financial investments and whether there financial representative is strong enough to survive. While it is very easy to get carried away with the headlines of stress test failures etc it is worth remembering that the UK government cannot afford to see t...Read More
Royal Bank of Scotland jumps the gun on overdraft charges
Royal Bank of Scotland, which is majority owned by the UK government on behalf of UK taxpayers, has today jumped the gun ahead of a House of Lords ruling on overdraft charges and announced significant reductions to come in from 1 October. The cost of a bounced cheque or unpaid direct debit, due to a lack of funds, will fall from £38 to just £5 and the charge for acquiring an item using unauthori...Read More
Free bank accounts to ‘disappear within a decade’
A report from PricewaterhouseCoopers (PwC) has suggested that paid-for bank accounts will be the only option for consumers within the next decade, as they replace “unsustainable” free banking. The report predicts that customers who do not wish to pay a monthly charge for their account will see restrictions to their account introduced, such as limited withdrawals or a block on using branche...Read More
Finances cause separation problems for two thirds of couples
17/04/2015 Joint bank accounts, loans and pay monthly purchases are making it hard for two-thirds of unhappy couples to break up in the UK, according to Debt Advisory Centre. Joint finances are preventing unhappy couples from having a clean break up, as a third have a joint rental agreement and a quarter have a joint mortgage. This leads to at least one partner having to sort out alternativ...Read More
Anti-fraud group warns of new computer scam
11/11/2015 Anti-fraud group Financial Fraud Action (FFA) has warned consumers against a new scam were criminals use technology to take over victim’s computers and steal personal information. FFA has claimed that fraudsters have been impersonating major companies to steal money and information. The fraudster will claim to be fixing a slow internet connection but will actually trick them int...Read More