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.
Anti-fraud group warns of new computer scam
11/11/2015 Anti-fraud group Financial Fraud Action (FFA) has warned consumers against a new scam were criminals use technology to take over victim’s computers and steal personal information. FFA has claimed that fraudsters have been impersonating major companies to steal money and information. The fraudster will claim to be fixing a slow internet connection but will actually trick them int...Read More
Commons investigation into banking competition
The renowned Commons Treasury Select Committee will today begin an investigation into the UK banking sector with particular emphasis on the high street lenders and the lack of competition in this area. When you consider that the likes of Lloyds bank control about one third of this market with Santander, the Spanish giant, also controlling a significant portion, it is perhaps no surprise that the a...Read More
What happens now with the Chelsea and Yorkshire building society merger?
Letters of explanation will be sent to Yorkshire and Chelsea building society members within the next 10 days explaining exactly what is on the table and what their voting options are. At least 75% of savers and 50% of borrowers must vote in favour of the deal for it to go ahead, at which point the transaction would be put to the Financial Services Authority (FSA) for clearance. The merged oper...Read More
Step one on the road to a Post Office bank
The UK government will today announce plans to expand and improve the 11,500 strong Post Office network in the UK. This comes just months after the UK government attempted to sell off a significant stake in the UK postal system and follows a period when hundreds of UK Post Office branches have been closed or downgraded. So what can we expect in the short term? The UK government is set to increa...Read More
Can Richard Branson crack the UK banking monopoly?
As Richard Branson announces a tie-up with a well-known American billionaire, Wilbur Ross, the big question now is whether he has the power and the strategy to break the stranglehold which the major banks have held in the UK for some time. The UK government must be praying for Richard Branson to be successful in his rumoured bid for the Royal Bank of Scotland branch network which would allow him t...Read More