Santander set to grab 318 Royal Bank of Scotland branches
The inside word appears to suggest that Santander, the Spanish banking giant, is on the verge of acquiring 318 Royal Bank of Scotland branches put up for sale by the company. Despite earlier rumours that the company had bid of around £1.8 billion it seems that the final asking price will be around £1.65 billion with Santander the only bidder left at the table. However, it looks as though the deal may well take up to 18 months to complete!
Under strict UK and European banking regulations it is likely to take up to 18 months for the acquisition to be finalised and the transfer of the branches completed. This does seem rather bizarre when you consider that the European Union forced Royal Bank of Scotland to put these branches of the sale due to the fact the company had received significant state aid from the UK authorities. It will be interesting to see any comments from the competition authorities but ultimately with Santander the only bidder at the table the deal should effectively flow-through.
The sale of the branches will mean a massive difference to the future makeup of Royal Bank of Scotland which has paid a price for significant risks taken in the past. The Royal Bank of Scotland we see today will be very different to the Royal Bank of Scotland we will see in 18 months time.
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
UK adults have “stubbornly low” financial skills
28/10/2015 A fifth of UK adults are unable to read a bank statement properly, according to research from the Money Advice Service. The research found that the UK has “stubbornly low” financial skills, as one five people could not read a bank statement and 40% of people had less than £500 in savings, leaving them at a risk of financial shocks. The survey, which asked 5,000 people in...Read More
Customers to be ‘Assessed’ for Bank Accounts
The Financial Services Authority (FSA) has submitted a new set of rules which will see banks assess customers’ eligibility to claim insurance offered as part of paid for ‘bundled’ bank accounts. This comes after a review by the City watchdog which was aimed at the future prevention of mis-selling bank accounts. The rules will come into force no earlier than the end of March 2013. Accordi...Read More
UK government refuse to guarantee savings
There was a very poignant moment in today's press conference when Gordon Brown was pushed on whether or not he would follow the lead of other countries across Europe and guarantee the total savings of the UK public. In true political fashion he avoided the question instead deciding to confirm that the UK government has always looked after savers where their banks have hit trouble.
Online banking still falling foul of the hackers
While there is no doubt that developments in technology have assisted the security of the U.K.'s online banking sector, a report that £52.5 million was stolen by hackers last year, using online information, is a concern. Despite numerous warnings regarding password protection, virus detection and the threat from key-logging software, it appears that many people are still leaving themselves wide o...Read More