Santander to negotiate purchase of RBS branches
Spanish bank is the final bidder for the 318 branches
Banco Santander is set to begin negotiations with Royal Bank of
Scotland (RBS) over the acquisition of 318 of the British firm's
The Spanish bank was the sole final bidder for the assets,
having tabled an offer of somewhere between £1.5 billion and £2
The deal could be completed within weeks if negotiations run
Fellow Spanish bank Banco Bilbao Vizcaya Argentaria SA (BBVA)
was the only other firm competing with Santander for the deal.
However, BBVA reportedly only made the bid to gain more
information on the UK market, rather than being genuinely
interested, the Wall Street Journal reports.
RBS plans to sell branches in England and Wales and NatWest
branded branches in Scotland, which have a combined £23.6 billion
in assets and 6,000 employees.
Should the deal be completed, Santander would expand its own
1,300-strong network of banks in the UK.