Latest news with #Santander
Times
4 hours ago
- Business
- Times
Santander and Barclays vie to take over TSB
Barclays and Santander were named on Friday as the two frontrunners to buy TSB as the deadline for initial offers for the high street lender passed. The British and Spanish banks were reported by Bloomberg to be the main contenders still standing in the auction to sell TSB by its current owner, Sabadell. Sabadell, which is under siege itself from a rival Spanish bank, BBVA, is due to choose a preferred bidder with which to carry on exclusive talks, or to walk away from a sale. • Who will buy TSB as banks circle? As both prospective bidders operate large retail banks in the UK, either bid offers the prospect of significant synergies — but heavy job losses — if it were to go through. TSB, which has about five million customers and 5,000 UK employees, has already slashed its branch network in recent years. The Competition and Markets Authority is not thought likely to object, although either deal would marginally reduce competition. TSB is thought to have around 3 per cent share of current accounts and 1.5 per cent share of the stock of mortgages. Sabadell confirmed last week that it had received some preliminary non-binding expressions of interest for TSB, which was spun out of Lloyds Banking Group and briefly floated in 2014 before being bought by Sabadell for £1.7 billion in 2015. The Spanish government this week gave BBVA the green light to proceed with a bid for Sabadell, while saying the two sides would have to keep their operations separate for at least three years. • Is it game over for Britain's challenger banks? Sabadell's chief executive, César González-Bueno Mayer, said on Wednesday that he expected a decision on TSB before he unveils a strategic plan on July 24. Analysts estimate that TSB could fetch as much as £2.6 billion. Higher interest rates and significant cost-cutting have improved its perceived value. TSB's operations are based on Sabadell's IT platform and a UK bidder would be likely to want to migrate customers to its own platform over time. Edinburgh-based TSB traces its roots back to the 19th century, when dozens of individual trustee savings banks were founded to serve people of moderate means under a mutual structure. It was first floated in 1986 and rescued by Lloyds Bank in 1995 to form Lloyds TSB. Barclays had no comment. Santander was approached for comment.
The Sun
9 hours ago
- Business
- The Sun
Major bank axing key service at 12 branches within days – is your local affected?
A MAJOR banking chain is axing a key service at 12 high street branches within days. Santander is getting rid of counters in these branches and switching them to a "counter-free" format. 1 This means customers will no longer be able to deposit or withdraw coins or large amounts of cash at these locations. Instead of speaking to staff at a counter, customers will be directed by floor staff to use ATMs and payment machines, making most transactions digital. Santander has already removed counters from six of its branches this year, but another 12 are set to lose the service in the coming weeks. Branches in Bromsgrove, Northwich, Sittingbourne, and Streatham will stop offering counter services on Monday, June 30. Customers in Bracknell will see counters removed on July 7, while Hartlepool and Nuneaton will follow on July 14. Gravesend and Liverpool's Allerton Road branch will lose counters on August 4. Camberley, Orpington, and Rotherham branches will make the switch to a counter-free format on August 11. Customers needing to deposit or withdraw coins will have to visit another full-service Santander branch or use one of the 11,684 Post Offices. Withdrawals over £500 a day will also need to be made elsewhere. This is because cash withdrawals will now be handled through in-branch ATMs rather than in person at a counter. Inside the hubs restoring high street banking and reversing the tide of mass branch closures Customers can use their debit card to withdraw more cash at the Post Office, with a limit of £10,000, depending on the funds available at the branch. For withdrawals over £5,000, there is a £10 flat fee. Withdrawals over £2,000 incur a charge of 50p per £100, while amounts above £5,000 are charged at 35p per £100. A spokesperson for Santander UK, said: "As customer behaviour changes, we are ensuring that our branches remain fit for the future. "Our new combination of full-service branches, alongside Work Cafés, counter-free branches and reduced hours branches, aims to provide the right balance between digital banking and face-to-face money management and guidance. "As a business, we must move with customers and balance our investment across all the places where we interact with customers, to deliver the very best for them now and in the future." Which branches are already counter-free? Abingdon - 23 Bury Street, Abingdon, Oxfordshire, OX14 3QT Accrington - 29-31 Union Street, Accrington, Lancashire, BB5 1PL Stirling - 49-51 Port Street, Stirling, Stirlingshire, FK8 2EW Eastleigh - 58 Market Street, Eastleigh, Hampshire, SO50 5RU Edgware - 115 Station Road, Edgware, Middlesex, HA8 7JG Neath - 20 Green Street, Neath, West Glamorgan, SA11 1EA What else is happening at Santander? Santander is cutting the opening hours of dozens of its branches from June 30. This move comes as part of a broader restructuring, which also includes the closure of 95 branches and the conversion of 18 to "counter-free" service desks. Currently, most branches are open Monday to Friday from 9:30am to 3:00pm, with many also open on Saturday mornings from 9:30am to 12:30pm. Under the new plan, these branches will only open three days a week. Twenty-one branches will operate on a Tuesday, Thursday, and Saturday schedule, while 14 others will open on Monday, Wednesday, and Friday from 9:30am to 3:00pm. One branch will see its hours reduced even further, opening only on Tuesdays and Thursdays. The bank, which serves over 14million UK customers, announced in March that it plans to close 95 branches across the UK. Following the shake-up, just 349 branches will remain on the high street. What you can do if your local bank is set to close There are still a number of ways people can access basic banking services without having to venture to another town with a branch. You can use one of the Post Office's 11,684 branches to perform basic banking tasks — but not to open new bank accounts or take personal loans and mortgages. You can find your nearest Post Office branch by visiting Meanwhile, many banks offer a mobile banking service - where they bring a bus to your area offering services you can usually get at a physical branch. Other banks use buildings such as village halls or libraries to offer mobile banking services. It's worth contacting your bank to see what mobile services they have available, and when they might next be in your area. New super ATMs are being rolled out across the UK where branch closures have left residents unable to access essential banking services. These ATMs will allow customers to withdraw funds, access their balance, change PIN numbers and deposit cash. Bank of Scotland, Barclays, Halifax, Lloyds, NatWest, Royal Bank of Scotland and Ulster Bank are already signed up to allow deposits, at the super ATMs. Banking hubs are also being opened across the UK with 250 set to be available by the end of 2025. These sites typically feature a counter service operated by the Post Office as standard, enabling customers to conduct routine banking transactions conveniently. Each hub also has a private area where customers can consult with staff representing their banks for more complex matters. What services do banking hubs offer? BANKING hubs offer a range of services to bridge the gap left by the closure of local branches. Operated by the Post Office, these hubs allow customers to perform routine transactions such as deposits, withdrawals, and balance enquiries. Each hub also features private booths where customers can discuss more complex banking matters with staff from their respective banks. Staff from different banks are available on a rotational basis, ensuring that customers have access to a wide range of banking services throughout the week. Additionally, customers can receive advice and support on various financial products and services, including loans, mortgages, and savings accounts.
Bloomberg
11 hours ago
- Business
- Bloomberg
Santander, Barclays Said to Be Final Bidders for Sabadell's TSB
By and William Shaw Save Banco Santander SA and Barclays Plc are the main contenders left in the race to acquire Banco Sabadell SA 's UK unit TSB, according to people familiar with the matter. Santander and Barclays are the only banks in the data room with offers for the business due Friday, the people said, asking not to be identified because the process is private. Sabadell would then likely select one bank to start negotiations over a potential deal, the people said.
Yahoo
2 days ago
- Business
- Yahoo
Santander Bank to divest seven branches amid digital transformation
Santander Bank has signed an agreement to divest seven branches in Pennsylvania, the US, as it continues its transformation into a national, digital-first bank. The retail and commercial bank has agreed to sell the branches to Community Financial System's subsidiary Community Bank. The branches involved in the transaction are situated in Allentown, Bethlehem, Coopersburg, Easton, Emmaus and Whitehall. All the branches will remain open and both the firms are offering continued employment for all staff. The transaction does not include accounts of Openbank, which is Santander's digital bank that has accumulated more than $4bn in deposits and serves over 100,000 customers since its debut in late 2024. Santander Bank head of retail banking & transformation and CEO for Openbank in the US Swati Bhatia said: 'As we grow our presence nationally, we are making refinements to our physical presence to reposition and optimize our footprint for the future. 'We are investing in our branches, introducing new state-of-the art formats such as our new flagship model. The investments we are making in both digital and physical will help ensure Santander is best positioned to deliver for our customers for years to come.' The transaction is expected to close in the fourth quarter of this year, subject to regulatory approval and customary closing conditions. The acquisition is a significant step in Community Bank's de novo expansion strategy within the Greater Lehigh Valley, bolstering its commercial and consumer lending footprint. With this deal, Community Bank will increase its total retail locations in Greater Lehigh Valley to 12. Community Bank expects to assume around $600m in deposits and purchase around $33m in branch-associated loans. With more than $16bn in assets, Community Bank operates around 200 customer facilities in Upstate New York, Northeastern Pennsylvania, Vermont, and Western Massachusetts. "Santander Bank to divest seven branches amid digital transformation" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Business
- Yahoo
Santander to sell 7 Pennsylvania branches to NY bank
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. Santander has agreed to sell seven branch locations in the Allentown, Pennsylvania, area to Rochester, New York-based Community Bank, the lender said Wednesday. Community Bank expects to assume roughly $600 million in deposits and purchase nearly $33 million in branch-related loans. It will pay a deposit premium of 8%, or roughly $48 million, as cash consideration to Santander, the bank said in a press release. The transaction is expected to close in the fourth quarter. With the deal, $16 billion-asset Community Bank will expand its footprint in the Greater Lehigh Valley in Pennsylvania – adding branches in Allentown, Bethlehem, Coopersburg, Easton, Emmaus and Whitehall. That will bring its footprint in the valley to 12 locations. The acquired branches will remain open, while the employees will be retained, Community Bank noted. The acquirer expects the transaction to be 'slightly accretive to earnings,' it said. Additionally, Community Bank's subsidiary, Nottingham Investment Services, plans to purchase related wealth management relationships from Santander's affiliate, Santander Securities LLC, according to a Securities and Exchange Commission filing Wednesday. Meanwhile, Santander is looking to transform into a national 'digital-first' bank with branches. Santander opened its digital-native subsidiary, Openbank's first U.S. physical location in Miami last month. But it's also refining its branch footprint and retail presence Santander plans to close 18 of its 400 U.S. locations by August. The affected branches in the Northeast comprise 4.5% of the Spanish bank's roughly 400 U.S. locations. 'As we grow our presence nationally, we are making refinements to our physical presence to reposition and optimize our footprint for the future,' Swati Bhatia, Santander's head of retail banking and transformation and CEO for Openbank in the U.S., said in a statement. Bhatia noted that the Spanish bank is investing in its branches by rolling out new, state-of-the-art formats, like its latest flagship model. 'The investments we are making in both digital and physical will help ensure Santander is best positioned to deliver for our customers for years to come,' Batia added. Bhatia dubbed Community Bank a 'highly rated bank, known for its top-caliber customer service.' 'We enter into this agreement knowing that our valued, long-standing customers will be well taken care of, as we continue our transformation in the United States,' she said. Community Bank has nearly 200 customer facilities across upstate New York, northeastern Pennsylvania, Vermont and western Massachusetts. Recommended Reading UBS could cut 35K jobs by October: reports Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
