Santander confirms offer for RBS branches

July 17th, 2010 | 0 Comments

MADRID: Spanish bank Santander confirmed on Friday, June 18 it had made an offer for around 300 British branches of Royal Bank of Scotland, continuing an acquisition drive in spite of the regulatory uncertainty facing European banks.Santander said it was not possible to say when the tender process will end.it is the only bidder for the network of branches, worth around £1.8 billion (US$2.7 billion), a person familiar with the matter told Reuters earlier this week.Santander, the euro zone’s biggest bank, would get a significant boost to the size of its business in Britain with the purchase, adding 1.8 million retail customers and 5% of the British small and medium size business market it has targeted for growth.”We have made an offer for the offices of RBS which fit like a glove,” deputy chairman Matias Rodriguez Inciarte said at a conference on Thursday.Santander has got the best ranking so far in European bank stress tests. the European Union has agreed to carry out more transparent checks of its top banks’ financial health as part of measures to convince investors it can contain a euro zone debt crisis.the bank has diversified away from its home market, economically stagnant Spain, to the United States, Latin America and Britain.Santander bought British lender Abbey in 2004 and has since added Alliance & Leicester and Bradford & Bingley.the deal will give the Spanish bank about 1,645 branches, or 12% of the market, and consolidate its position as the second biggest home loan provider.the bank said last week 2010 earnings should be similar to 2009’s strong performance and unveiled a US$2.5 billion buyout of its Mexican division. — Reuters

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Santander confirms offer for RBS branches

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Tags: deputy chairman, euro zone, european union, rbs, spanish bank