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Santander makes bid for RBS branch network -source

Source: Reuters - Tue 15th Jun 2010

Spain's Santander placed an offer for a network of 318 UK bank branches being sold by Royal Bank of Scotland by Monday's deadline, a person familiar with the matter told Reuters.

RBS, 83 percent state-owned after it was bailed out through the financial crisis, is selling off the branches under the revived Williams & Glyn brand. On Friday industry sources said Santander was likely to be the only bidder.

Santander's bid was likely to be between 1.5 billion and 2 billion pounds ($2.20 to $2.93 billion), another source told Reuters on Friday. RBS, Santander and UBS, which handled the auction, all declined to comment.

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