Newspaper article The Evening Standard (London, England)

Santander Faces Extra [Pounds Sterling]180m Bill from Branch Buy

Newspaper article The Evening Standard (London, England)

Santander Faces Extra [Pounds Sterling]180m Bill from Branch Buy

Article excerpt

Byline: Lucy Tobin

SANTANDER hailed its [pounds sterling]1.65 billion purchase of the 318 Royal Bank of Scotland branches in England and Wales as a massive deal that would hugely accelerate its growth plans, but the shine was wearing off today when the Spanish bank woke up to a potential extra [pounds sterling]180 million bill.

The Spanish bank is at present paying [pounds sterling]100 to any customer who switches to its current account, meaning it could be forced to pay out [pounds sterling]180 million if all 1.8 million RBS customers actively switch now, rather than wait to be automatically transferred.

Personal finance experts urged customers to switch now. Stefan Maryniak, of uSwitch.com, said: "Customers could make [pounds sterling]100 and have the pleasure of knowing that it's not just the two banks that have benefited from this move."

The implications of the sale were starting to hit home with customers. Retired civil servant Peter Thomas told of his disappointment that his savings account, opened at the then-Williams & Glyn's branch in South Kensington, would be transferred to the Spanish-owned group. …

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