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Virgin eyes RBS branch sale

Virgin Money is being heavily linked to a bid for the network of Royal Bank of Scotland branches that failed to be bought by Santander.

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RBS chief: Santander deal collapse 'disappointing'

I can assure all affected customers that there will be no disruption to the service they receive. It is business as usual in all of these branches, and customers don’t need to take any action. While this is a profitable part of our business that we would rather not part with, RBS has worked hard to ensure it is substantially separate from our UK branch network and corporate business and largely ready to be taken on by a new owner.

Much of the heavy lifting associated with a transfer has already been completed, including separating data for 1.8 million customers and putting in place a standalone management team.

It is of course disappointing that Santander decided to pull out of this transaction, especially for the customers and staff involved. However, RBS’s strong progress in our restructuring plans means we can continue to provide a stable home for this business and its customers pending a further resolution.

RBS will commence a new process of disposal and will provide a further update on this in due course.

– Stephen Hester, RBS Group Chief Executive

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