Banco Santander Ditches $2.6B Deal For RBS Branches

Law360, New York (October 12, 2012, 5:00 PM EDT) -- The Royal Bank of Scotland Group PLC's $2.6 billion plans to unload 316 of its U.K. branches fell apart after the prospective buyer, Spain's Banco Santander SA, walked away from the deal more than two years after agreeing to its terms, RBS said Friday.

The Spanish bank's about-face comes as an especially deep blow to RBS, which had billed the sale as an important step in its fiscal recovery after U.K. government bailout efforts pumped £45.5 billion ($73 billion) into the bank at the height of...
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