Santander snaps up RBS branches

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The Independent Online

Spain's santander has agreed to buy 318 UK branches from the Royal Bank of Scotland in a widely anticipated deal.

The price will not be finalised until completion, which is currently slated for December 2011. The Spanish group will pay a £350m premium to net asset value, which stood at around £1.3bn at the end of last year.

RBS is selling 311 Royal Bank of Scotland-branded branches in England and Wales and seven NatWest-branded branches in Scotland, along with certain associated assets.