Santander buys RBS 318 agencies in the United Kingdom
The Spanish bank Santander has agreed to buy 318 branches from RBS in the UK for about 1.65 billion pounds (1.98 billion euros).
The Spanish giant has also announced it would inject 4.46 billion pounds of capital into its UK business to "support the organic growth and inorganic and finance the reorganization of group companies in the United Kingdom."
Santander is considering an IPO for a portion of its UK business, told Reuters sources familiar with the matter.The product of such an operation would allow it to recover some of his investment.
Santander was in exclusive talks with RBS having long been considered the frontrunner to buy these agencies, which should enable it to develop its activities towards small and medium enterprises.
Santander said the recovery of this agreement could be adjusted to the date of its completion, expected in December 2011.
The price represents a premium of 350 million pounds compared to the net assets, valued at 1.3 billion pounds in late 2009.
"Santander buys assets at very reasonable prices in the countries it already knows where it already has a presence, technological infrastructure, which makes easier the realization of synergies and it brings out a higher return on equity , "said Arturo de Frias, an analyst at Evolution Securities.
The Spanish group made nearly 17% of its profits in Britain, against 22% on the Spanish market of retail banking.
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