Santander snaps up RBS branches

After months of negotiation and newspaper speculation, Spanish banking giant Santander has finally succeeded in its goal of buying 318 high street branches from Royal Bank of Scotland.

The deal, comprising of 311 RBS-branded branches in England and Wales and seven NatWest branches in Scotland, has been on the cards for some time since RBS announced plans to sell off a portion of its branch network to fall in line with competition concerns.

Santander will pay out around £1.65 billion for the network, with a £350 million premium paid up front.

It will take the Spanish bank, which already owns well-known British high street banking brands Abbey, Alliance & Leicester and Bradford & Bingley, into the small and medium-sized business (SME) market, boosting hopes of fresh lending to the UK's small business and start-up community.

The acquisition includes 40 SME banking centres and more than 400 business relationship managers, as well as four corporate banking centres and three private banking centres.

The businesses serve 1.8 million retail customers, around 244,000 SME customers and 1,200 mid-sized corporate customers.

Back to blog home


All content is for informational purposes only and is the opinion of the author. Nothing on this website should be interpreted as "advice". Money Dashboard Ltd make no representations as to the accuracy, completeness, suitability or validity of any information on this site and will not be liable for any errors or omissions or any damages arising from its display or use.

Get started with Money Dashboard

Money Dashboard will help you discover where your money is going, start saving and plan for the future - for free

Related articles

Download app
Join 600,000+ people on Money Dashboard
Sign up - it's free