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.
Females failed by UK banks
Women are not being targeted effectually by the banking sector, according to a study by Accenture, which believes that females could be the most profitable market for retail banks.According to the research, 55 per cent of women have financial products with at least two banking institutions. Moreover, 52 per cent revealed that they would probably switch providers if a bank was offering tailored pro...Read More
Royal Bank of Scotland to be investigated by the FSA
The Financial Services Authority (FSA) has today confirmed that the complaints procedure currently in place at the Royal Bank of Scotland is to be investigated. This comes at a time when record complaints have been received by the Financial Ombudsman Service with Lloyds bank and Barclays bank very prominent in the figures. It will be interesting to see the scope of the investigation because at thi...Read More
Lloyds bank under pressure from EU Competition Commissioner
In line with the Royal Bank of Scotland situation, Lloyds bank is set to receive a notice from the EU Competition Commissioner with regards to state aid and the necessity to sell off part of the company's operations. As with Royal Bank of Scotland, Lloyds bank looks likely to be forced to sell off around one sixth of its market share in the UK which will result in significant branch closures or br...Read More
Offshore Bank Account Amnesty
HM Revenue & Customs are chasing thousands of people who they believe are using offshore bank accounts to hide assets. The taxman has decided to offer all 5000 culprits the opportunity to come clean during a short amnesty in which they will be not be penalised for declaring the income. UK citizens are under no obligation to reply to the letters which are being sent out but have been warned by a...Read More
A Third of Brits are used to being penniless
15/04/2015 A third of people in the UK are used to being completely penniless, with no money in their bank accounts or wallets, and no ability to borrow money. Research from bank account provider ThinkMoney shows that a third of Brits find it a regular occurrence to have no access to money, and a further third of people claimed they have found themselves penniless at least once. People cla...Read More