Santander may leave UK

TheBanker

WillPS said:

I'm pretty sure that Santander UK adopted Alliance & Leicester's backend when they took them over? Certainly the personal ID and the picture/secret word stuff was stuff A&L did beforehand; I'm pretty sure none of my details changed either.

That being the case I would have thought Santander UK could be rebranded back to (probably to Abbey?) and either sold or floated, all with no changes necessitated to accounts.

The pool of buyers would be limited as they are large enough that the only high street competitors who could afford to take it on probably would be blocked from doing so by the Competition Commission. A digital bank could take it on, perhaps, or a foreign bank (although that'd be pretty ironic given the circumstances Santander are threatening to pack up). So probably a floatation is the most likely escape route.

All in all I don't really see it as that likely - just seems like an empty threat to me. Time will tell.

As an aside - I have been working under the assumption that the 123 and 123 Lite schemes will be going imminently for the last couple of years; ever since the accounts went NLA. Presumably migration to Edge, Edge Up or a plain old current account will be offered at that junction. In the meantime I'll happily keep taking fivers off them every month!!

The press are suggesting Barclays as a potential buyer. There are reports that Barclays approached Santander last year, but couldn't agree a price. 

GTR_King

Maybe Barclays didn’t bid enough for Santander UK

Doubt HSBC Lloyds banking group or TSB would try buy Santander UK

MikeJXE

I have had a 123 account for 12 years

If they close they close, no big deal 

I’ll move

WillPS

TheBanker said:

WillPS said:

I'm pretty sure that Santander UK adopted Alliance & Leicester's backend when they took them over? Certainly the personal ID and the picture/secret word stuff was stuff A&L did beforehand; I'm pretty sure none of my details changed either.

That being the case I would have thought Santander UK could be rebranded back to (probably to Abbey?) and either sold or floated, all with no changes necessitated to accounts.

The pool of buyers would be limited as they are large enough that the only high street competitors who could afford to take it on probably would be blocked from doing so by the Competition Commission. A digital bank could take it on, perhaps, or a foreign bank (although that'd be pretty ironic given the circumstances Santander are threatening to pack up). So probably a floatation is the most likely escape route.

All in all I don't really see it as that likely - just seems like an empty threat to me. Time will tell.

As an aside - I have been working under the assumption that the 123 and 123 Lite schemes will be going imminently for the last couple of years; ever since the accounts went NLA. Presumably migration to Edge, Edge Up or a plain old current account will be offered at that junction. In the meantime I'll happily keep taking fivers off them every month!!

The press are suggesting Barclays as a potential buyer. There are reports that Barclays approached Santander last year, but couldn't agree a price. 

I'd be very surprised if the 3rd largest retail bank was able to acquire the 5th largest without accepting pretty huge mitigations.

But then sometimes these things are announced anyway, see Asda/Sainsburys a few years ago - pretty obvious to anyone with half an ounce of sense that it wasn't going to be permitted, and yet for whatever reason the boards of both chose to pretend like it was a viable thing.

block10

TheBanker said:

WillPS said:

I'm pretty sure that Santander UK adopted Alliance & Leicester's backend when they took them over? Certainly the personal ID and the picture/secret word stuff was stuff A&L did beforehand; I'm pretty sure none of my details changed either.

That being the case I would have thought Santander UK could be rebranded back to (probably to Abbey?) and either sold or floated, all with no changes necessitated to accounts.

The pool of buyers would be limited as they are large enough that the only high street competitors who could afford to take it on probably would be blocked from doing so by the Competition Commission. A digital bank could take it on, perhaps, or a foreign bank (although that'd be pretty ironic given the circumstances Santander are threatening to pack up). So probably a floatation is the most likely escape route.

All in all I don't really see it as that likely - just seems like an empty threat to me. Time will tell.

As an aside - I have been working under the assumption that the 123 and 123 Lite schemes will be going imminently for the last couple of years; ever since the accounts went NLA. Presumably migration to Edge, Edge Up or a plain old current account will be offered at that junction. In the meantime I'll happily keep taking fivers off them every month!!

The press are suggesting Barclays as a potential buyer. There are reports that Barclays approached Santander last year, but couldn't agree a price. 

Hope its not Barclays. They are stingy with credit limits and overdrafts.

M25

Theleak250 said:

Santander may leave UK

Good, don't let the door hit your derriere on the way out.

Always looked like a fake bank to me.

Theleak250

block10 said:

TheBanker said:

WillPS said:

I'm pretty sure that Santander UK adopted Alliance & Leicester's backend when they took them over? Certainly the personal ID and the picture/secret word stuff was stuff A&L did beforehand; I'm pretty sure none of my details changed either.

That being the case I would have thought Santander UK could be rebranded back to (probably to Abbey?) and either sold or floated, all with no changes necessitated to accounts.

The pool of buyers would be limited as they are large enough that the only high street competitors who could afford to take it on probably would be blocked from doing so by the Competition Commission. A digital bank could take it on, perhaps, or a foreign bank (although that'd be pretty ironic given the circumstances Santander are threatening to pack up). So probably a floatation is the most likely escape route.

All in all I don't really see it as that likely - just seems like an empty threat to me. Time will tell.

As an aside - I have been working under the assumption that the 123 and 123 Lite schemes will be going imminently for the last couple of years; ever since the accounts went NLA. Presumably migration to Edge, Edge Up or a plain old current account will be offered at that junction. In the meantime I'll happily keep taking fivers off them every month!!

The press are suggesting Barclays as a potential buyer. There are reports that Barclays approached Santander last year, but couldn't agree a price. 

Hope it’s not Barclays. They are stingy with credit limits and overdrafts.

That’s why I left them, I have family with Santander who mentioned they will switch if Barclays takes them. 

cfw1994

MikeJXE said:

I have had a 123 account for 12 years

If they close they close, no big deal 

I’ll move

Been with them as our main account for year.
Always found it pretty good - bits of cashback, etc.

Wonder whether to move or to one for the “transfer” bonus now, before a forced move means no bonus!

boingy

I think they are probably just rattling the cage and putting a bit of pressure on the govt regarding the banking rules.

wmb194

cfw1994 said:

MikeJXE said:

I have had a 123 account for 12 years

If they close they close, no big deal 

I’ll move

Been with them as our main account for year.
Always found it pretty good - bits of cashback, etc.

Wonder whether to move or to one for the “transfer” bonus now, before a forced move means no bonus!

You won’t be forced to move, it would be bought or merged with another bank. I think it’s unlikely anyway as it’s not a bad business and makes decent profits.