Santander will become the UK’s fourth-largest bank by branches
as a result of its successful bid to acquire 318 branches from
Royal Bank of Scotland (RBS).
Once the deal is closed, Santander’s UK branch network will grow
to 1,643 outlets, leapfrogging the country’s current fourth biggest
lender by branches, HSBC, and only 31 units less than
third-ranking Barclays (1,674 branches).
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Barclays’ UK branch network has shrunk by more than 20% or 455
units since it peaked at around 2,129 outlets in 2000; in the past
12 months its network has fallen by 46 branches.
The 318 branches are being acquired by Santander from RBS
at a modest premium to net asset value, a total consideration
expected to be around £1.65bn ($2.63bn).
RBS was forced to sell the branches by the European Union (EU)
as the price of being bailed out by the UK government.
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By GlobalDataThe country’s biggest bank by branches, Lloyds Banking Group,
must sell 600 of its current 2,940 outlets by late 2013, as part of
its own deal with the EU competition commissioner.
