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.
Defaqto points out variation in packaged account charges
Some packaged bank accounts are not good value for money, Defaqto suggested today.The data firm also released new analysis of the market, which showed that monthly charges for these "added value" accounts vary from £3 to £25.Among the "extras" offered by banks in their packaged accounts is travel insurance, card protection and preferential rates on loans.According to Defaqto, each service costs...Read More
Icelandic problem hits Guernsey
For so long the quiet back water where the rich and famous moved to it seems as though the financial heartache being felt around worldwide markets has hit Guernsey. It has been confirmed that those who held money with and Icelandic banks will only receive a maximum of 30% in compensation with some expected to receive nothing. So has the bubble burst on Guernsey? Is this now the end of the venue...Read More
7m have Unclaimed Cash in old Account
Seven million Britons are under the impression they have an amount of unclaimed cash in an old bank account they no longer have access to, according to a survey by National Savings and Investments (NS&I). Over 50pc of people who believe they have lost touch with their cash put it down to either forgetting the original account details, or losing track of all the accounts they had opened previous...Read More
Was HBOS whistleblower sacked by Sir James Crosby?
While the Treasury select committee's ongoing grilling of the so-called "Masters of the universe" continues there has been a stunning revelation today regarding HBOS and Sir James Crosby. It has been suggested that Paul Moore, who worked for HBOS, was sacked after warning the directors (headed by Sir James Crosby) that the company was headed for trouble. His suggestion that the company was growing...Read More
Nationwide closes yet more branches
The so-called "secretive closure" of Nationwide building society branches across the UK seems set to continue with more closures announced this week. Research by the Daily Mail indicates that 15 Nationwide branches have been closed over the past 12 months although there has been no official announcement to confirm this. It would appear that the UK mutual sector is under pressure, as are all financ...Read More