Banco Santander Scoops Up RBS Branches For $2.6B

Law360, New York (August 4, 2010, 2:43 PM EDT) -- Banco Santander SA has reached a deal to acquire 318 bank branches of the Royal Bank of Scotland Group PLC in a deal valued approximately £1.65 billion ($2.63 billion).

The acquisition price includes the value of the banking network and goodwill of approximately ₤350 million ($556 million), the firms announced Wednesday. The all-cash deal is still subject to certain closing adjustments, including provisions related to the performance of the banking business.

The deal includes RBS banking branches in England and Wales, and the firm's NatWest bank...
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