Santander close to UK listing
Spanish banking giant Santander is said to be considering a flotation of its UK operations on the UK stock market. It is believed that a 20% stake in the business could be offered to investors allowing the company to raise more funds to grow the UK division amid confirmation that the group is the front runner to acquire the 318 Royal Bank of Scotland branches for sale.
The Royal Bank of Scotland acquisition is expected to cost the company in the region of £1.5 billion to £1.8 billion and would add to the group's current UK operations which include Abbey, Bradford & Bingley and Alliance & Leicester. At a time when the worldwide banking industry is struggling to push ahead it seems that Santander is willing and financially able to acquire more operations and expand the business at a relatively small cost compared to the boom times.
However, in the aftermath of the Ocado disappointment in the new issues market some experts believe that Santander will put plans for a UK listing on the backburner until sentiment improves. However, it looks as though the company will at some stage float off its UK operations with further plans to expand in due course.
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