Wednesday, September 22, 2010

Santander set to buy all of RBSs Williams & Glyn banks

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Santander is staid to win the shootout with opposition National Australia Bank-Clydesdale to buy over 318 Royal Bank of Scotland branches.

Its believed that the Spanish bank will be successful in the try to buy the Williams & Glyn-branded offices opposite England and Wales.

The organisation has fought off foe from a host of big bidders together with Spanish opposition BBVA and Blackstone, that had teamed up with the Wellcome Trust to have an offer.

Virgin, that had assimilated up with the US billionaire Wilbur Ross to bid, was forced out of the competition progressing this month withdrawal Santander to difficult it out with NAB.

A source said: "The suggest wouldnt be trumped." A orator for Santander declined to comment.

Although a understanding is expected to be rigourously concluded subsequent month, send of the branches from RBSs tenure is doubtful to take place this year. The sale is expected to net RBS around �2bn.

The sale routine began after the European Commission demanded RBS sell chunks of the bank following the acceptance of billions of pounds in state assist in 2008.

RBS, that is 83 per cent owned by the taxpayer, suggested plans last week for up to 2,000 redundancies, essentially in the word businesses. The Stephen Hester-led bank has strew some-more than 20,000 jobs given the EU crackdown 14,000 in the UK.

After the origination of a commission to see at the probable subdivision of RBSs sell and investment operations, a sale of the Governments interest is right away doubtful until subsequent year.

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