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.
Student Financial Incentives Are Diminishing In Numbers
The once obligatory student credit card and overdraft facilities with a number of freebies and added extras have been shelved by many financial companies for the time being. Slowly but surely more and more basic financial incentives are being taken away from the student market, often replaced by free cinema tickets and the like. So what is going on?
The credit crunch has taken in...
Tesco looking to take UK banking sector by storm
While the news that Tesco is looking to open 30 bank branches within supermarkets around the UK has not necessarily registered on the radar of every financial adviser in the UK, it could mark the start of a concerted effort to create a position in the UK banking sector. Tesco already has one banking operation in Glasgow where customers are able to purchase insurance, apply for credit cards and loa...Read More
Identity theft up by a third
27/05/2015 The number of people who have been a victim of identity theft in the UK has risen by almost a third, according to research from fraud prevention agency Cifas. Cifas has claimed that the number of people who have fallen foul to attacks on their identity have risen by 31% to 32,058 in the first three months of 2015, compared to the same period in 2014. Identity theft is when a...Read More
Is Northern Rock heading back to the mutual sector?
The future of Northern Rock is shrouded in mystery today after the Labour Party issued a pledge in its manifesto which could see the company return to the mutual sector. It is believed that the Labour Party is in favour of allowing depositors to retain ownership of the company via a takeover by another mutual or indeed to encourage the likes of Richard Branson to adopt a mutual society model if he...Read More
HSBC chief executive set to move on
Michael Geoghegan, the chief executive of HSBC, announced plans to leave the company in December amid reports of a boardroom bust-up. It would appear that Stephen Green's decision to relinquish his role as HSBC chairman has caused something of a major upset in the boardroom. If the rumours are correct, Michael Geoghegan threatened to resign if he was not considered for the role of chairman althoug...Read More