Santander expands into 318 RBS branches Go compare with our comparison table

Santander expands into 318 RBS branches

04 August 2010 / by Lois Avery

Santander has become one of Britain’s biggest high street banks after it bought more than 300 branches from RBS.

The Spanish bank made a £1.65billion deal with RBS to secure 318 prime location branches.

RBS, which is 83 per cent taxpayer owned, was forced to make the sale under EU regulations as part of its attempt to pay back some of the money from its public bail out in 2008.

Santander already owns the former Abbey, Alliance & Leicester and Bradford & Bingley brands in the UK and the new acquisition of branches mean it will have more high street spots than HSBC.

Ina another move to expand its services Santander will be selling life insurance after it made a partnership deal with Aviva.

Santander already sells Aviva's general insurance products and will add its life insurance, critical illness and income protection policies under a five-year scheme starting next June.

The agreement will give Aviva access to another 25 million customers.

António Horta-Osório, chief executive of Santander UK said:  "This is a very important strategic deal for Santander in the UK that builds on our retail strength and significantly accelerates our plans to have a substantial presence, and continue to challenge, in the SME and corporate banking sector."

RBS chief executive Stephen Hester said it was an ‘important milestone’ in their restructuring work and that it was a significant part of their recovery plan.

He added: “The bank is becoming stronger, which allows an increased focus on serving ongoing customers and improving commercial success; all a pre-requisite for the profitable realisation of taxpayers' stake in RBS."

For more banking news from fair Investment click here »

© Fair Investment Company Ltd

 Product NameISA OptionIncome YieldMore Info
Income Maximiseryes
See Details
More Info >
Seeks to achieve a target yield of 7% to generate a quarterly income, whilst offering the potential for some long-term capital growth. Save 100% on Initial Charges.
Monthly Income Plus Fundyes
See Details
More Info >
Popular monthly income fund that aims to achieve a high level of income whilst seeking to maximise total return through investing in high yielding corporate and Government bonds, together with UK equities. 100% discount on initial charges.
Click here to view latest Fund Facts »
Strategic Bondyes
See Details
More Info >
Investing in higher yielding assets which will include most types of fixed interest securities, this fund aims to deliver a quarterly income to investors. Save up to 97% on Initial Charges.
Invesco Perpetual Corporate Bond Fundyes
See Details
More Info >
This highly popular investment fund aims to achieve a high level of overall return with relative security to capital. Income Paid to you twice yearly. Up to a 100% Discount off the Standard Initial Fund Charge.
Click here to view latest Fund Facts »
Artemis Income Fundyes
See Details
More Info >
One of the leading UK Equity Income Funds. The Fund managers hunt out companies with strong free cash flow and solid balance sheets. Income is paid to you twice yearly. 100% Discount off the Standard Initial Fund Charge.
Click here to view latest Fund Facts »
Invesco Perpetual High Income Fundyes
See Details
More Info >
One of the UK's most popular income funds, the Invesco Perpetual High Income has delivered consistently good long term returns through a variety of market conditions. Income is paid to you twice yearly. Up to a 100% Discount off the Standard Initial Fund Charge.
Click here to view latest Fund Facts »
M&G Corporate Bond Fundyes
See Details
More Info >
The M&G Corporate Bond Fund is a conservative ‘blue chip’ sterling fund that aims to produce a higher return than UK government bonds. Income is Paid to you Quarterly. 100% Discount off the Standard Initial Fund Charge.
Jupiter Merlin Income Portfolioyes
See Details
More Info >
The Jupiter Merlin Income Portfolio fund aims to achieve a high and rising income with some potential for capital growth. Income Distributions are made to you quarterly. 95% Discount off the Standard Initial Charge.
Click here to view latest Fund Facts »
The value of investments and any return from them can fall as well as rise and you may not get back the full amount invested. Please ensure that you read the Important Risk Information below.