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Santander set to complete sales negotiations with RBS

Spanish bank set to buy 318 RBS branches

03 August 2010

Santander is set to complete sales negotiations with Royal Bank of Scotland (RBS), it has been revealed.

The Spanish bank will purchase 318 RBS braches in a deal which will give Santander a total of 1,643 UK outlets.

In addition to the branches, which are currently running under the Williams & Glyn's brand, Santander will also receive 6,000 staff as part of the deal.

The exact size of the bid is unlikely to be known until next year, although RBS is expected to receive a premium on the net value of the stores, which are valued at around £2 billion.
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European Union regulators forced RBS to sell the branches in return for the state aid that the Scottish bank received during the financial crisis.

Lloyds, who also received a government bail-out package, must sell off 600 branches over the next four years as part of its agreement with the state.

The deal is expected to be completed by Wednesday (August 3rd). 

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