When is rbs going to santander

RBS receives offers for branch network as Worldpay bid deadline looms. News in your inbox For Finextra's free daily newsletter, breaking news and flashes and weekly job board.

Sign Up. Retail banking. Branch banking. Editorial what does this mean? This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. RBS was ordered to sell off the branches by the European Commission as a condition of its multi-billion pound government bailout at the height of the financial crisis. It agreed a deal to sell the branches, and offload their related customers, to Santander in August The transfer was initially slated to be completed by the end of but was forced back to the fourth quarter of this year.

Mr Hester said much of the "heavy lifting" work on the disposal had been done, including separating out customer data and putting in place a separate management. This meant that the assets were "largely ready to be taken on by a new owner," he said. One problem for Santander is thought to have been trying to integrate the banks' computer systems, an issue that has dogged other mergers and acquisitions in the financial sector.

Santander had hoped the acquisition would boost substantially the size of its small business lending operation in the UK, which the Spanish bank sees as a key area for growth. Santander said it had pulled out of the deal after it became apparent that a revised deadline for completion would not be met. The bank said in a statement: "It is now apparent that this revised target will not be achieved.

With a history of service stretching back to Located in Isle of Man — our extensive personal banking products include bank accounts, savings accounts mortgages and more. Asset finance could help your business acquire essential technology and equipment without disrupting your cash flow.

Accounting software simplified. FreeAgent makes it easy for small business owners and freelancers to manage their books, relax about tax and get on with the work they love. Jump to Accessibility Jump to Content. Our brands. Learn more about NatWest. At the end of , Santander was the largest bank in the euro zone by market capitalization and third in the world by profit. Following the acquisition of Sovereign Bancorp of the U. It is the largest financial group in Spain and Latin America, with leading positions in the United Kingdom and Portugal and a broad presence in Europe through its Santander Consumer Finance arm.

Together they have over branches, around 4, cash machines and they provide a full range of retail and corporate banking services to 25 million customers.