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.
Yorkshire Building Society to refund £8.4 million
17/02/2014 The Yorkshire Building Society will refund a total of £8.4 million to nearly 34,000 of its customers after an investigation by the Financial Conduct Authority (FCA) ruled that the building societies procedures were not thorough enough, as thousands of customers were wrongly charged for missing their mortgage repayments. Under current regulations, a company can only charge its cus...Read More
RBS customers experience cash machine problems
Royal Bank of Scotland (RBS) has experienced cash machine problems which have left customers unable to draw out money. Natwest, which is owned by RBS, has also been affected by the issue. Millions of RBS and Natwest customers have been unable to access cash from ATM machines after technical problems. Cashpoints, online banking and telephone banking systems have crashed, leaving customers unable...Read More
Contactless payments treble
06/02/2015 The number of UK debit card holders using contactless technology to make payments has more than tripled in a year, according to data from the UK card association. During 2014, people using contactless technology spent a total of £2.32 billion via contactless payments. This is compared to £653 million spent in 2013. One of the most popular places to use contactless technolog...Read More
Has the HBOS bailout changed the face of UK banking forever?
While the government had little choice in reality, the nurtured takeover of HBOS by Lloyds Bank has the potential to change the face of UK banking forever and not necessarily for the good of the consumer. It is reported that one in five in the UK will have dealings with the new super bank as it pushes to the top of the UK banking tree and looks to call the shots in the future.
Little-known Scottish Bank receives massive investment injection
The Airdrie Savings Bank may well have been around for 175 years but it is a relatively small operation based in the county of Lanarkshire. However, this is a bank which may well hit the headlines in the weeks and months ahead after a group of Scottish entrepreneurs gave their backing to the operation by depositing a total of £10 million with the Bank. They will not take any shares in operation i...Read More