Santander to scrap UK bank brands [merged]

baby_boomer

What's "cheap"?

They got A&L for just over 25% of its peak price.

Then again Lloyds Bank is down nearly 90% over two years.

Although Santander bought A&L after Northern Rock, they also bought it before the HBoS share price collapse which brought into question the "value" of the entire sector.

They may have done us all a favour.

simon_templar_2

Cheap as in the share price was half what it was when Santander originally attempted to buy A&L but A&L shareholders declined the offer. Whichever way you look at it Santander bought both B&B and A&L at a knock down price and gained huge savings base etc for a song. Good business really and this shows in their performance last year. Profits up while the others struggled. While the customer service needs huge improvement, Santander is a profitable bank and stable bank.

opinions4u

simon_templar wrote: »

Cheap as in the share price was half what it was when Santander originally attempted to buy A&L but A&L shareholders declined the offer. Whichever way you look at it Santander bought both B&B and A&L at a knock down price and gained huge savings base etc for a song. Good business really and this shows in their performance last year. Profits up while the others struggled. While the customer service needs huge improvement, Santander is a profitable bank and stable bank.

So within the A&L division, what were the profits for H2 in 2008? They only ever seem to comment on Abbey (who's profits rose a little, but they weren't doing that well to start with).

simon_templar_2

Santander 2008 profits were up 20%. You could look on Santander website to see if they can give you a breakdown of each element.

withnell

simon_templar wrote: »

Santander 2008 profits were up 20%. You could look on Santander website to see if they can give you a breakdown of each element.

They won't take into account the fact that A&L's cost of borrowing went down overnight. Its anyone's guess what could have happened without takeover - I'm of the opinion that they would have continued ok!

withnell

simon_templar wrote: »

Santander are the 3rd most profitable bank in the world. It is very unlikely a customer would ever need to use the FSCS if they are a Santander customer.

How profitable were RBS? Spain doesn't have limitless resources, and the banks over there have a lot of money tied up in construction

simon_templar_2

Have a look at aboutabbey.com the financial info is on there. Unlike RBS, Santander work prudently and sensibly , hence no bail outs etc.

opinions4u

simon_templar wrote: »

Have a look at aboutabbey.com the financial info is on there. Unlike RBS, Santander work prudently and sensibly , hence no bail outs etc.

They appear to hide the A&L results under "Abbey". Draw your own conclusions!!

Fair enough, Santander have clearly weathered the storm far better than HBOS or RBS, that much is obvious.

But just because they're big and multi-national doesn't mean they can't get it wrong.

It will be interesting to see how their Latin American operations cope next time it all goes wrong in South America.

alanq

mighty_hammers wrote: »

It said on the news today that abbey, Bradford & Bingley will all be put under the santander name next year. My elderly mother has gone into a panic as she has money invested with both companies to make sure she complied with the 50k goverment protection scheme. Where does she stand if they all become under one name and trade probably as one bank, does she have to move the money to make sure she is covered?

They are already operating under one licence and B&B has started to issue Abbey passbooks.

"As Bradford and Bingley's savings wing has been bought by Santander, it has already merged with Abbey. That means that only one lot of £50,000 protection applies if you have a B&B, Asda, Abbey or Cahoot accounts."

http://www.moneysavingexpert.com/savings/safe-savings

BYALPHAINDIA

Don't forget the B&B was not one of the most popular banks?

They were 'Vastly' out of touch with the general public, Having old-fashioned workstyles & procedures.

The B&B would not have survived another 10 years on the High St.

They (The B&B directors & some senior staff) have been VERY lucky to be taken over by this well organised company!!

I would say they have 'Got off lightly' reflecting on their running of the failed 'Good old' Bradford & Bingley.

The BODS (Board Of Directors) lost complete control of the company and it nose-dived into a possible collapse!!

Mr Pym the CEO had only been at the company x amount of months.

But I guess the CEO & the BODS will have 'washed their hands' of the B&B and probably been 'Pensioned off' & retired out of the new company?

I doubt any of them have a mortgage to pay.Lol!!

So far the Santander seems to be a well organised company, But who knows what will happen once the new BODS come into the arena??

At the end of the day there is only one winner = THE BANK!!

A one horse race!!