View more on these topics

Santander and Virgin eye £2bn Williams & Glyn

RBS-Building-2012-700x450.jpg

Santander UK and Virgin Money are preparing to bid for Williams & Glyn, the bank due to be spun out of Royal Bank of Scotland.

Sky News reports the two banks are the organisations mentioned in a statement issued today that referred to a “number of informal approaches” for its Williams & Glyn business.

The new bank – which will have more than 300 branches – has to be sold by RBS by the end of 2017 under an agreement between the Government and the EU.

W&G will have 1.8 million customers, net loans and advances worth £20bn and customers deposits of £24bn.

RBS is planning to auction W&G next year prior to a float. It is thought the new lender will be valued at around £2bn.

Santander UK pulled out of exclusive talks to buy W&G as recently as 2012.

Santander and Virgin declined to comment.

RBS chief executive Ross McEwan says: “Separating out the Williams & Glyn business is a complex process, but we remain focused on meeting our state aid obligation, achieving full divestment by the end of 2017, and reaching the best outcome for shareholders, customers and staff.”

Recommended

Iain_Duncan_Smith
1

Govt to raise auto-enrol upper limit and freeze £10k trigger

A move to raise the upper limit of the automatic enrolment savings band will boost pension savings by £23m. In analysis published today the Department for Work and Pensions says moving the upper limit of the qualifying earnings band to £43,000 in 2016/17 means pension savings will be £2.4bn, £23m higher than if the thresholds […]

A funny old year

The past 12 months have been turbulent – just take a look at this chart of the FTSE 100 over the last year. There have been some points which I’m sure would have caused your clients some concern, and possibly even had them looking for an alternative investment with reduced volatility; perhaps without reducing their […]

The Day of (B)reckoning

A period of exceptional uncertainty started last Friday for the UK, including a fierce leadership battle in a deeply divided Conservative party, the timing of the trigger of the EU’s Article 50, as well as a potential referendum in Scotland, and Northern Ireland. Click here to read the full article

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment