Sources say the banking giant will end months of speculation by confirming it will buy the 318 branches that RBS acquired under the Williams & Glyn’s brand, though official word could be delayed until tomorrow. Virgin Money was previously thought to be interested in the branches, which are located across England and Wales.
The deal is expected to add up to £1.8bn to the RBS coffers. The group is selling several assets as a condition of its £45.5bn government bailout. The news comes three days before RBS is due to announce its interim results.
Santander’s purchase gives it over 1,600 outlets, meaning it will leapfrog HSBC to become the fourth-largest UK bank by branch numbers.
