Our guiding principle throughout this transaction has been a seamless journey for customers – which requires the business to be delivered to Santander UK by RBS in a steady state. We have concluded that given delays it is not possible to complete this within a reasonable timeframe.
Thousands of workers are facing mounting uncertainty over their jobs after the collapse of a proposed sale of RBS branches to Santander.
The chief executive of the RBS said it was "disappointing" that a proposed sale of 316 branches to Santander had collapsed.
Royal Bank of Scotland's deal to sell branches to Spain's Santander has collapsed, with one source saying it is "a major blow".