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.
RBS customers to wait days for missing payments
18/06/2015 Royal Bank of Scotland (RBS) customers who have failed to receive payments into their accounts many be waiting for days for the matter to be resolved. Around 600,000 customers from RBS, NatWest, Coutts and Ulster Bank, who are all part of the same banking group, who were expecting payments of wages, tax credits or disability living allowance have failed to see the money go into t...Read More
Banks fading from high street and cutting financial advisers
04/02/2014 Banks are beginning to fade from the high-street as some of the biggest financial institutions are cutting branches and staff. Financial institutions cutting their high-street services include Lloyds banking Group who will be cutting managers, as well as back office and operations staff, whilst Barclays recently confirmed that they will be closing some high-street branches over th...Read More
Anglo Irish Bank raided by fraud squad
The Irish government is already reeling from a significant protest by the Irish population last week, which was attended by more than 100,000 people, but tonight saw the fraud squad raid the offices of Anglo Irish Bank (which was recently nationalised by the government). It is rumoured the raid is in connection with allegations of loans between various financial institutions and loans allocated to...Read More
Santander confirms 400 new UK jobs
Spanish banking giant Santander, the owner of Abbey, Bradford and Bingley and the Alliance and Leicester, has today confirmed a further 400 new jobs in the UK. The 400 jobs will be in call centres in Liverpool, Leicester and Glasgow and are on top of the 600 jobs announced in July. It seems that Santander is now making a major push for the UK market at a time when many UK banks are pulling back on...Read More
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