Royal Bank of Scotland announced today that it has reached a deal to sell 318 branches to Spanish banking giant Santander.
The long-awaited sale, which comprises 311 RBS-branded branches in England and Wales and seven NatWest sites in Scotland, is set to bolster Santander’s position in the business banking sector.
RBS – 83% owned by the taxpayer – is disposing of the assets in order to appease European competition concerns.
The sale, which will take up to 18 months to complete, will see Santander pay a premium of £350m (€421m) on the value of the assets.