Santander Reduces Offer For RBS Branches On Loan Concerns -FT

12th Jun 2010 11:19

LONDON (Dow Jones)--Santander Bancorp (SBP) has reduced its offer for the retail branch network of Royal Bank of Scotland Group PLC (RBS.LN), the Financial Times reported Saturday citing sources familiar with the situation. The newspaper said the Spanish bank is expected to submit a final offer of between GBP1.7 billion and GBP1.8 billion for the 318 branches that RBS has to sell compared with the indicative approach of around GBP2 billion it made in April. The newspaper said the offer was reduced because Santander might have to absorb losses on the loans portfolio being sold alongside the branches. Santander is expected to be the only bidder to submit an offer for the network on Monday's deadline, the FT added. Newspaper Web site: www.ft.com -London Bureau, Dow Jones Newswires; +44 (0)20 7842 9308 (END) Dow Jones Newswires June 12, 2010 06:19 ET (10:19 GMT)