18th Jul 2016 05:50
LONDON (Alliance News) - Santander UK is considering a restructured deal to take on millions of customers from Royal Bank of Scotland Group PLC through an asset transfer deal, Sky News reported.
The UK arm of Spain's Banco Santander SA is understood to be looking at taking on the Williams & Glyn spin-out from RBS via an asset transfer, by which Santander would take on the GBP24.0 billion in customer deposits housed in the Williams & Glyn arm.
Through doing the deal via an asset transfer, Santander would take on the deposits of around 2.0 million customers without RBS having to complete an IT programme to create a separate banking platform for the Williams & Glyn unit.
Problems with the IT migration have held up the spin-off of Williams & Glyn and were the reason a deal to sell the unit to Santander UK was scrapped back in 2012.
http://news.sky.com/story/santander-eyes-restructured-rbs-branch-deal-10504364
By Sam Unsted; [email protected]; @SamUAtAlliance
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