Santander Said to Restart Talks to Buy RBS’s Williams & Glynby and
Banco Santander SA has resumed negotiations with Royal Bank of Scotland Group Plc to buy its Williams & Glyn business after pulling out of talks in September, according to two people with knowledge of the matter.
The two sides are trying to reach agreement on a price for the consumer bank, said one of the people, who asked not to be identified because the details are private. The Times reported the bank’s renewed interest Monday.
RBS Chief Executive Officer Ross McEwan is struggling to dispose of Williams & Glyn, delaying his plan to restore dividends eight years after the financial crisis. Santander walked away from a deal in 2012.
The Spanish bank has looked to its British business to help counterbalance weakness in its home market. While Santander has scaled back its profitability target in the U.K. since the vote in June to leave the European Union, its executives said last month that they remain committed to Britain, its second-biggest market after Brazil.
RBS was bailed during the crisis on condition it offload the consumer bank. Williams & Glyn has 314 branches, about 24.2 billion pounds ($30 billion) of assets and 2 million customers. It will probably be sold at a discount to its 1.3 billion pounds of equity, Chief Financial Officer Ewen Stevenson said in August.