Santander / RBS Deal Off

innovate

anotherbaldrick wrote: »

I think that Sanander had finally got the message that being so universally detested and always coming bottom in customer satisfaction surveys, that if the deal went through all RBS customers would walk and they would have bought 318 empty branches

You are completely missing several points, I'm afraid.

Firstly, if Santander were "universally detested", they wouldn't be one of the UK's least risky, and one of the world's largest banks. The "I-hate-Santander-and-if-it-kills-me" campaign by some MSErs is entirely ridiculous.

Secondly, RBS have no choice, they must sell the branches. This was part and parcel of the deal that rescued them from extinction.

Thirdly, people "threatened" by the Santander had several years to move their business from RBS to elsewhere. Some have done that. The vast majority have not - it was 1.8m affected customers at the start, it's still 1.8m customers.

alanq

BBC Radio 4's Money Box programme today, to the best of recollection said something along the lines that ...

Customers of affected branches had been, or are being, moved to an self-contained sub-unit of RBS ready for the sell-off. This will remain the case in readiness for another bidder or stock market float of a new bank.

As it is in RBS's interest to keep the best staff in the remaining business there is a risk that customers within that sub-unit may receive less good service. Given the uncertain future why would a customer wish remain to be handed on to who-knows-who?

http://www.bbc.co.uk/programmes/b01n96qj

powerone

innovate wrote: »

Thirdly, people "threatened" by the Santander had several years to move their business from RBS to elsewhere. Some have done that. The vast majority have not - it was 1.8m affected customers at the start, it's still 1.8m customers.

Its not as easy as you might give the impression of.

It involves credit searches, not just of the business but also of the owners as well.So even one missed credit card repayment, for the owner affects the business geting a new bank account.

Many small business are affected by Labour partys recession. So they cant easily move banks from RBS to anyone else. In other words they are trapped!

powerone

alanq wrote: »

As it is in RBS's interest to keep the best staff in the remaining business there is a risk that customers within that sub-unit may receive less good service. Given the uncertain future why would a customer wish remain to be handed on to who-knows-who?

Lloyds were going to float the branches they had to sell, RBS will do the same. They are doing that with Direct line.

I can see why RBS wouldnt want to give their best staff to Santander. However man of the best staff will be happy working for their own plc. So its possible some will b put in place, especially as to get the best price they would need to be the best team.

On another level, I am shocked, that they werent told along with Lloyds to put these branches into another unit \ bank .

Competition in the industry will be better if we have more banks. Instead of Santander and the coop buying them.

silvercar

Grr!

After all the effort I've made to move my current account elsewhere, the hassle that caused, I needn't have bothered.

powerone

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9606484/RBS-might-bid-to-keep-branches-after-Santander-deal-collapses.html

Royal Bank of Scotland is considering asking Brussels to let it keep the 316 branches it was ordered to sell under state aid rules, following Santander’s decision to pull out of the £1.65bn deal on Friday.


Sir Philip Hampton, the RBS chairman, suggested that the bank would either ask for the retention or certainly a delay in the amount of time the bank has been given to complete the sale.

chambta

I've had almost 24hrs to digest this news as an RBS staff member and still don't know how to respond. I have privately thought they were manoeuvring a get out given the lack of progress. Believe it or not we ordered Santander uniform more than six months ago.

pmduk

chambta wrote: »

Believe it or not we ordered Santander uniform more than six months ago.

There'll be some well-dressed guys on bonfires this year.

powerone

chambta wrote: »

I've had almost 24hrs to digest this news as an RBS staff member and still don't know how to respond. I have privately thought they were manoeuvring a get out given the lack of progress. Believe it or not we ordered Santander uniform more than six months ago.

I thought that the computer systems were changed.

Its the issues in Spain that have caused this.

I wish you all the best of luck.

powerone

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9606931/Sir-Richard-Branson-set-to-make-a-move-on-316-RBS-branches.html

I dont know how people feel about this report. Sir Branson \ Virgin running their bank accounts.