Santander rejected £11bn bid from NatWest for UK unit

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The Spanish Nider said that the offer was very low, saying that Santanda rejected a bid worth about $ 11 billion for its UK retail bank from Natwest earlier this year.

The CommunicateAccording to people familiar with this topic, Morgan was advised by Stanley and UBS, it is no longer alive.

Santanda has since increased € 7 billion from the sale since then The large part of the polish unit this weekAny sales in his UK unit are less likely. The Spanish Nider said that they would rebuild some earnings from steak sales for investing in other areas, as it accelerates strategic pive from Europe to America.

The NATWest system-which can lead to the largest banking agreement in the UK since the financial crisis-the UK government sold its £ 46 billion dollar crisis in the next week, after the British NDER manufacturer expanded its home market aggressively.

The bank’s chief executive, Paul Thoyet, had earlier said that it was “front leg” at the time of acquisition. He says that any purchase “should be absolutely obliged from the shareholder point of view”.

According to people familiar with the bid, Natwest offered “more than $ 10 billion, but less than $ 12 billion” for the UK.

Santander’s auxiliary agency in the UK, which includes both retail and commercial banking, at the end of last year, the total equity was $ 10.4 billion, according to the group’s account, a metric that reflects the business market value widely.

Meanwhile, the price has agreed for its Polish unit that the value of the business of the business is equal to 2.2 times equal, it is quite higher than the overall group.

The Financial Times earlier said the bank had earlier rejected a “low ball” offer for the UK Ringfensed Unit from Berkless.

The Spanish group, which recently became the most valuable bank of Continental Europe, in some European countries, to extend the resource to extend the resource to extend the resource to extend the resource to extend the resource to extend the resource backwards. It includes a push in the United States, where it has begun the aggressive expansion of its corporate and investment bank.

“We want to be a relevant bank in the United States,” Santander’s chief financial officer, Jose Garcia cannts, said last month.

Meanwhile, the bank is reducing the headcount in the UK, which has announced more than 2,000 jobs since last October, as part of the plan to close the branches. It employed about 18,000 workers in the UK and contained 14 million customers.

The FT earlier said the group was disappointed with its weak returns compared to the high -expenditure base of the UK unit and its weaker return, as well as compared to Britain’s Ringfensing regime. The Spanish Bank has searched several options for its UK business Come outThe

A person with a bank said that any potential case filed by the Polly Stek sales would now have to return to Santander’s UK Ringfensed Bank with a “big offer to understand”.

Santandar said: “As we said, the UK is not for sale and it is a core organ of Santandar’s diverse business model” “

Natweast refused to comment.

Additional Report of Ivan Levelingston in London