Williams & Glyn scrapped.

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Paul_1977
Paul_1977 Posts: 992 Forumite
edited 5 August 2016 at 5:17PM in Budgeting & bank accounts
RBS also called off the plan to establish Williams & Glyn as a standalone bank, scrapping the idea of floating it as an independent lender and instead reverting to an older plan to sell it to another bank.

http://www.telegraph.co.uk/business/2016/08/05/rbs-cancels-williams--glyn-project-and-loses-another-2bn/

Looks like its going to Santander.
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  • bigadaj
    bigadaj Posts: 11,531 Forumite
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    Yes, not a bad outcome I'd have thought.

    The old Williams and Lyn brand was regional and focused on sme business, a bit more competition for the old bug four in this market is probably a good thing.

    Still ridiculous that rbs is in this state after a decade, it's a form of corporate vandalism, and yet again no one responsible in a management is really held to account.

    Similar things might have happened in the us but there are at least consequences to actions there.
  • MABLE
    MABLE Posts: 4,080 Forumite
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    I use to bank with them when they were in Reading. This was back in the 70's - 80's period. They were very good for personal accounts but unfortunately the branch got closed down and the rest is history.
  • chambta
    chambta Posts: 2,770 Forumite
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    The amount of money wasted on this is absolutely scandalous.
  • kingrulzuk
    kingrulzuk Posts: 1,330 Forumite
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    What a waste of money but im sure Ross McEwan will get a big bonus
    What happens if you push this button?
  • debtorwithaquestion
    debtorwithaquestion Posts: 139 Forumite
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    I'm confused... Does this mean that RBS England and Wales accounts will literally be turned into whichever bank buys them? Or will the accounts still become the brand of Williams and Glynn ?
  • 20aday
    20aday Posts: 2,610 Forumite
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    From what I've read branches in England and Wales will become NatWest.
    It's not your credit score that counts, it's your credit history. Any replies are my own personal opinion and not a representation of my employer.
  • Marchitiello
    Marchitiello Posts: 1,266 Forumite
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    No confusion necessary. The plan was to rebrand and sell/float the new brand and branches.
    The new plan is to sell the branches to another bank and the new bank will rebrand them to theirs (which was the original plan with the sales to Santander).
    All England & Wales branches but Holts, Drummonds and Child & co should be sold off, with no conversion to Natwest
  • debtorwithaquestion
    debtorwithaquestion Posts: 139 Forumite
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    ok... i see... will your 'internal score' remain? because i have a contactless card with rbs which is offline and i wish to be able to still have this when the transfer happens. wish theyd just convert it all to natwest though!
  • System
    System Posts: 178,093 Community Admin
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    You'll get whatever 'score' whoever buys you gives you.
    Why don't you transfer to NatWest if that is what you want?

    debtorwithaquestion wrote: »
    ok... i see... will your 'internal score' remain? because i have a contactless card with rbs which is offline and i wish to be able to still have this when the transfer happens. wish theyd just convert it all to natwest though!
  • debtorwithaquestion
    debtorwithaquestion Posts: 139 Forumite
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    Have a select acct with RBS but NatWest won't give me an acct due to bankruptcy and I want the contactless card. Plus NatWest branches are cool.

    RBS say they can't transfer my acct to NatWest without opening a brand new account
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