Santander seals 318 RBS branch deal

RBS is set to announce the sale of 318 branches to Spain's Santander as the UK lender offloads the former Williams & Glyn's network.

Santander beat off rivals, including National Australia Bank, in a bid to extend its reach on the high street for an estimated £2bn, according to The Telegraph. Several thousand staff currently employed by RBS will be affected by the sale, although the final branch network organisation is yet to be announced. The European Commission forced the sale on RBS before it would approve aid for the bank, which was part of the UK Government's billion pound rescue package. Following the deal, Santander will have over 1,600 branches in the UK, making it the fourth biggest network in the coun...