RBS sale of 316 branches to Santander collapses

[dutchman]

Royal Bank of Scotland's proposed sale of 316 branches and other interests to Santander has collapsed.



The Spanish bank pulled the plug on the sale, saying that the already-delayed deal could not be completed by the revised deadline.

RBS chief executive Stephen Hester said the collapse was "disappointing" and that a new buyer would be sought.

The disposal was ordered by the European Commission in return for UK government's £45bn rescue of the bank.

RBS had been working on the sale for more than two years. The UK bank struck a preliminary deal with Santander to sell the branches and the business of 1.8 million customers in August 2010. However, completion has been delayed several times.

In a statement released late on Friday, Mr Hester said: "It is of course disappointing that Santander decided to pull out of this transaction, especially for the customers and staff involved.

"RBS will commence a new process of disposal and will provide a further update on this in due course."

[dutchman]

Can't say I'd want an account with bank whose television commercials can't even pronounce the name of Shrewsbury correctly

Anyway Spain is totally bankrupt, how can they afford to buy a British bank?