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.
Online banking still falling foul of the hackers
While there is no doubt that developments in technology have assisted the security of the U.K.'s online banking sector, a report that £52.5 million was stolen by hackers last year, using online information, is a concern. Despite numerous warnings regarding password protection, virus detection and the threat from key-logging software, it appears that many people are still leaving themselves wide o...Read More
Royal Bank of Scotland ordered to sell off branches
In line with European Union state aid rules, Royal Bank of Scotland is rumoured to be on the verge of receiving a request to reduce the company's UK market share by around one sixth. The situation has evolved because of the significant state aid received from the UK government, something which was paid out before it was rubber stamped by the EU Competition Commissioner, and the market share the co...Read More
Mervyn King suggests bank nationalisation could happen
While Mervyn King, the Gov of the Bank of England, has already expressed his views regarding the UK banking sector and the resistance to increase liquidity in the marketplace, he has today been more forthright in his views. Aside from the fact the government may look to nationalise businesses which seem to go against the conditions which were allegedly agreed prior to the rescue package, Mervyn Ki...Read More
Is There More To The Halifax 10% Interest Rate Account?
Next week will see the launch of a new Halifax account which we are told will pay 10% interest on savings, rising to a possible 12% if the funds remain untouched for at least 12 months. The headline grabbing deal has created much interest in the markets but it seems as though all may not be as it seems!
While the maximum amount which you can retain in the account is £6,000, togeth...
Judge calls for bank charges precedent
British law lacks a precedent on legal cases dealing with bank charges, a judge has warned.District court judge Stephen Gerlis told the Today programme that no appellate court decision has been made on the issue, meaning judges are not bound by a definitive view of the law in this area.The Office of Fair Trading is currently undertaking an investigation into bank charges levied on customers who go...Read More