Spanish banking group Santander has confirmed that it has made a bid of up to £1.8 billion for the 318 Royal Bank of Scotland branches which are up for auction. Despite a flurry of interest when the banks branches first became available for auction, the Spanish bank is believes to be the only credible bidder. The branches have been put up for auction because of an EU ruling regarding the state aid given to RBS as the government sought to prevent the bank from collapsing.
Santander is no stranger to acquiring UK assets, having previously acquired Abbey, Alliance and Leicester and Bradford and Bingley's savings division. Should - as seems likely - Santander be successful in the RBS auction, the Spanish banking group would hold a 10 per cent share of the UK retail savings market, and a 14 per cent share of the UK mortgage market.
Despite being a major player in the UK retail banking sector, Santander has not suffered from the same public disdain as many high street banks, partly owing to its Spanish heritage, but largely to its positive performance in recent months and years. This positive image has spurred the fortunes of the banks it has acquired.
Spanish Bank Front Runner in RBS Auction
Financial Services > e-banking > Banking news
Spanish Bank Front Runner in RBS Auction
Fri, 18 Jun 2010
Recommended links
Tax Free ISAsOnline Banking Guide
Leading Current Accounts
Financial Advisors
Reclaim Bank Charges
Banks Using Bonuses to Entice New Savers
Banks Launch Savings Accounts to Overcome Inflation
BRC Hits Out at High Bank Fees on Retail Transactions
Bank Accounts Far From Universal According to New Report
Lower Interest Rates Harming Profits of Banks and Building Societies
New Savings Schemes Target Government Rather than Banks
Bank Bonds Offering Savers Little Solace
Competition Commission Announces Provisional Ban on Banks Selling PPI
Banks Taking Loyal Savers for Granted
Banks Continue Mortgage Rationing
Spanish Bank Survives Home Troubles
Homeowners Failing to Take Advantage of Low Bank Rates
Tesco Bank Profits Dip
Bank of England Hits Savers with More Bad News
Nationalised Bank Chasing Market Share
US Bank Reports Stable Profits
Banks Cut Childrens Savings Accounts Rates
| Banking news |
|---|
| Banks failing on online fraud says MPs report - Tue, 05 Apr 2011 |
| Lloyds TSB is to change the interest rates on its Vantage current account - Thu, 31 Mar 2011 |
| Contactless debit cards from Lloyds TSB - Tue, 29 Mar 2011 |
| More News |
Simplyhealth Dental Plan
Affordable cover from only £7.50 per month. Join now and get first month FREE
Amex Cash Back
Credit Card
Credit Card
Get 5% cash back on purchases with Amex
Income Protection Insurance
Get an instant quote with the award winning company