Information on Santander UK and RBS agreement

RNS Number : 6713O

Banco Santander S.A.

15 October 2012

 

MATERIAL FACT

Santander Group informs that the agreement for the sale by The Royal Bank of Scotland ("RBS")  to Santander UK of approximately 300 branches of RBS in England and Wales and NatWest in Scotland (the "Business") (disclosed by means of material fact released on 4 August 2010, number of entry in CNMV 129030) will not complete in view of the foreseeable lack of satisfaction of the conditions it was subject to by the agreed final deadline of February 2013.

The agreement reached in August 2010 between Santander UK and RBS for Santander UK to acquire the Business was originally scheduled to complete by end 2011. In August 2011, this was extended to a new target completion date of Q4 2012.

Santander UK's guiding principle has been to ensure a seamless journey for the customers of the Business. However, given the delays, Santander UK has concluded that it is not possible to complete this within a reasonable period.

Boadilla del Monte (Madrid), 12 October 2012

 

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