British lender RBS says selling 318 branches to Santander

4th August 2010, Comments 0 comments

British state-controlled lender Royal Bank of Scotland said Wednesday it had agreed to sell 318 branches to Spanish group Santander in a long-awaited deal.

"RBS announces today that it has agreed to sell 318 branches and associated assets and liabilities to Santander UK plc for a premium of 350 million pounds (557 million dollars) to net assets at closing," it said in a statement, adding that the deal was expected to be completed by December 2011.

© 2010 AFP

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