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.
HBOS reveals an £8 billion pound write-down
Today is the day that Lloyds TSB is likely to secure the merger of HBOS with its existing operations as HBOS shareholders get a chance to vote on the move. However, HBOS has come out with a warning that bad debt provisions for the current year will top around £8 billion which is nearly half of the £15.5 billion of emergency capital raised earlier this year.
This has sent a stark r...
Scam Alert In The UK
The internet has brought so much to our everyday lives such as buying online, checking our finances online and finding almost any information you are after, but it has also opened the door for many frauds and scams. There are reports that as people become more desperate for money the number of scams and frauds is increasing.
Email is very often the first port of call for the frauds...
FSA looking to investigate UK banking collapse
It has been revealed that the Financial Services Authority (FSA) is set to investigate the collapse of the UK banking sector which led to the bailout of Royal Bank of Scotland, HBOS and eventually Lloyds bank. Quite why the investigation has been instigated at this moment in time is a little mysterious with some suggestions that the government and the authorities are looking to deflect any potenti...Read More
Alliance & Leicester restructures fees
Alliance & Leicester has announced that it will no longer charge interest on overdrafts run up by its current account customers, as part of wider plans to simplify its charges.Daily fees will be introduced instead, with customers now paying 50p a day, up to a maximum of £5 a month on overdrafts of any size, instead of the interest of between six and 17 per cent previously paid.Under the new tarif...Read More
Sir Tom McKillop leaves Royal Bank Of Scotland
Chairman Sir Tom McKillop has left the Royal Bank Of Scotland three months early in light of the recent disastrous trading period. While Sir Fred Goodwin took the brunt of the criticism regarding the downfall of the Royal Bank Of Scotland, which is now majority owned by the taxpayer, Sir Tom McKillop has come in for his fair share of criticism over the last few days.
Behind the scen...