Home Business NewsBusiness Santander set to buy RBS' Williams & Glyn

Santander set to buy RBS' Williams & Glyn

by LLB Reporter
3rd Aug 16 11:26 am

RBS declined to comment

Santander UK has submitted an offer to buy RBS’ unit Williams & Glyn, a bank RBS set up under the terms of its 2008 bailout.

RBS said its going to miss the 2017 deadline set for it to set up 316 branches, 1.8m customers and 250,000 business accounts and setting up a new IT system.

RBS has admitted to problems in the the past and said that it is “exploring alternative means to achieve separation and divestment [of W&G]” to the planned flotation.

It has also said: “Due to the complexities of Williams & Glyn’s customer and product mix, the programme to create a cloned banking platform continues to be very challenging and the timetable to achieve separation is uncertain.”

Santander UK repeated an earlier statement which said: “Whilst our focus is organic growth, we will continue to analyse opportunities in our core 10 markets where they add value and benefit to our customers and shareholders.  

“That said, we do not comment on rumours or market speculation.”

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