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Crucial $2.6 billion sale of Royal Bank of Scotland branches to Spanish bank Santander collapses

 
Newliving
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10/13/2012 02:48 AM
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Crucial $2.6 billion sale of Royal Bank of Scotland branches to Spanish bank Santander collapses
Royal Bank of Scotland's proposed sale of 318 branches and other interests to Santander has collapsed.

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

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.

There were also suggestions earlier this year that Santander was trying to negotiate a lower price for the acquisition, which was initially thought to be worth £1.6bn.

The EU required RBS to complete the sale by 2014.

[link to www.bbc.co.uk]

Gives pause to wonder how such a sale/purchase fits in with the current state of the Spanish economy.
2012Portal
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10/13/2012 02:49 AM

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Re: Crucial $2.6 billion sale of Royal Bank of Scotland branches to Spanish bank Santander collapses
What-wo.
Mayan Calendar and 2012-
From the love of power to the power of Love -
[link to 2012portal.myfeedportal.com]
Newliving (OP)

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10/13/2012 01:32 PM
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Re: Crucial $2.6 billion sale of Royal Bank of Scotland branches to Spanish bank Santander collapses
The chairman of the Royal Bank of Scotland has challenged Santander's explanation for pulling out of a deal to buy 316 of its branches.

The Spanish bank has pulled out, saying the deal was taking too long.

It was thought that integrating the bank's computer systems was proving difficult, but Sir Philip Hampton said IT challenges could always be overcome.

He hinted that Santander may have decided that now was not a good time to be taking on new businesses.

[link to www.bbc.co.uk]

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