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Santander has expressed its interest in acquiring RBS’ business that serves small and medium sized companies to strengthen its position in corporate banking, the segment of the British market where it has the lowest market share, according to Spanish newspaper Expansión.
According to sources close to Santander’s British subsidiary, questioned by the newspaper, “If RBS confirms that it is selling this business, the bank will analyze an acquisition”.
The sale of the SME business, which RBS operates through 312 branches in England, is being driven by the European Commission. The authorities in Brussels want RBS to sell this and other assets before they will approve the aid provided by the British government, which took a 70% stake in the bank in order to prevent its collapse.
Other rivals are also interested in this deal, mainly the National Australia Bank. HSBC and Barclays already have a significant market share in corporate banking, which means that they cannot make bids due to competition reasons.
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11/3/09
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