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Banco Santander SA Updates On Sale Of 300 Branches Of The Royal Bank Of Scotland To Santander UK

Monday, 15 Oct 2012 02:24am EDT 

Banco Santander SA announced that the agreement for the sale by The Royal Bank of Scotland (RBS) to Santander UK of approximately 300 branches of RBS in England and Wales and NatWest in Scotland (the Business) (disclosed by means of material fact released on August 4, 2010) will not complete in view of the foreseeable lack of satisfaction of the conditions it was subject to by the agreed final deadline of February 2013. The agreement reached in August 2010 between Santander UK and RBS for Santander UK to acquire the Business was originally scheduled to complete by end 2011. In August 2011, this was extended to a new target completion date of Q4 2012. However, given the delays, Santander UK has concluded that it is not possible to complete this within a reasonable period. 

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-0.055 -0.54%
28 Jul 2014