Santander has pulled the plug on the planned acquisition of 318 branches from Royal Bank of Scotland for £1.65bn.
This, the Financial Times reports, according to people close to the transaction.
One big stumbling block has been the compatibility of the RBS accounts with Santander's IT systems, the newspaper explains.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
As well, the worsening economic environment may have diminished the allure for the Spanish group of trebling the size of its small and medium size business segment in the UK.
To be had in account, perhaps, the operation had run into delays on more than one occasion previously.
Under the terms of the agreement with the EU governing its state bail-out RBS has until the end of next year to dispose of those branches.
AB
-
Private school fees soar and VAT threat looms – what does it mean for you?Rising private school fees could see more than one in five parents pull their children out of their current school. Before you remortgage, move house or look to grandparents for help, here’s what you need to know.
-
Best and worst UK banks for online banking revealedWhen it comes to keeping your money safe, not all banks are equal. We reveal the best and worst banks for online banking when it comes to protecting your money from scams
