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.
Will the UK banking system ever be the same again?
Over the last 18 months we have seen a significant change in the make-up and landscape of the UK banking system which is now ultimately controlled by the UK government. Northern Rock has been taken in house, large stakes have been acquired in Lloyds bank and Royal Bank of Scotland and the Bradford & Bingley was split up and sold on with the UK government retaining the more risky assets of the grou...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...
Irish authorities looking to wind down Anglo-Irish bank
Irish finance Minister Brian Lenihan is this week expected to put forward a plan to the European Union for a ten-year wind down of troubled financial operation Anglo-Irish bank. This is the bank which was effectively bailed out by Irish taxpayers and has so far cost the Irish population around â‚¬25 billion. However, the government believes that now is the time to effectively disband the bank...Read More
Contactless card limit increases to £30
01/09/2015 The contactless card limit was increased to £30 over the weekend, meaning shoppers will now be able to spend up to £30 on their card without using their pin number. The contactless limit has been increased from £20 after the UK saw a rise in the number of people paying for purchases with contactless. Transactions for the first half of this year totalled £2.5billion, compared...Read More
Office of Fair Trading to look at unauthorised overdraft charges
A review of the UK banking sector which began back in 2007, specifically focused upon unauthorised overdraft charges, is set to be completed this year with a review of Lloyds TSB, Clydesdale and HSBC unauthorised overdraft operations. The OFT has specifically chosen these three banks, not because they are in any way better or worse than any other UK bank but because between them they cover the vas...Read More