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.
Islamic banking struggling in the UK
Launched in a blaze of glory just a few years ago, Islamic banking in the UK is struggling to survive at this moment in time with the likes of Lloyds bank, the initial main stream provider of Islamic banking in the UK, withdrawing a number of Shariah-based mortgages over the last few months. It seems that a lack of competition and a lack of demand within the UK have impacted short-term growth pros...Read More
Irish authorities act to quell fears over banking sector
The Irish authorities have tonight announced a plan which they believe will allow the Irish banking sector to rebase and regroup for the future. This comes after a dramatic time for the Irish banking sector which has seen a number of banks bailed out by the government and a number of controversies hit the headlines. So what is the government offering? While many people believed that the Irish g...Read More
Savings providers fined for misleading marketing
17/06/2014 Credit Suisse and the Yorkshire Building Society have been fined by the Financial Conduct Authority (FCA) for the use of “misleading” marketing when promoting an investment product. Credit Suisse was fined £2.4m, whilst Yorkshire Building Society received a smaller fine of £1.5m. The financial services institutions, which both accepted the fines, were found to have promot...Read More
Is it ever too soon to teach your children about finance?
Each and every one of us will have been through difficult financial situations in our lives, we will have been short of money at some time, we will have overspent but ultimately we should be passing on these experiences to our children. It is never too soon learn to start to teach your child about finance, about the value of money and the cost of living although you do need to be careful about how...Read More
Apple Pay to be introduced in July
10/06/2015 New Apple pay technology is set to be introduced into UK stores in July, and will be welcomed by stores such as Marks & Spencer and Waitrose. The technology will work by owners of an iPhone Six or an Apple watch paying for purchases by touching their devices to contactless pads. These payments will be capped at £20, similar to the contactless technology used on many debt and cre...Read More