(21 June 2010 – UK) Spanish banking giant Santander has made a bid for the Royal Bank of Scotland’s 318 branches that are up for sale, after the bank was instructed by the British government to sell of assets to create a level playing field.The Spanish bank declined to say how much it had offered the Royal Bank of Scotland for the branches that would add to the 1300 currently owned by Santander across Britain.
Banco Santander announces that its affiliate Santander UK has submitted an offer in the tender process of approximately 300 branches of Royal Bank of Scotland, Santander said.
Currently, it is not possible to say when the tender process will conclude, the Spanish bank added.
In London, RBS confirmed that the Spanish powerhouse had submitted a bid which RBS is ‘seriously reviewing’.
This remains a competitive process and RBS will continue to do what is right for its shareholders and customers in disposing of these assets which present an excellent opportunity for either a new entrant or a bidder who wants to consolidate their position as a major player in the UK banking sector, RBS continued.
Reports earlier this week said Santander was the only bidder and had offered £1.8 billion (A$3.07 billion) for the branches.
RBS, 83per cent owned by the British government after being bailed out, has until 2013 to cut its branch network in line with a demand made by the European Commission in exchange for the aid it received in the financial crisis.