British banks’ £15bn float by Santander
The Spanish banking group, Santander, is reportedly evaluating plans to sell about 25 per cent stake
Santander is mulling listing its UK assets on the London Stock Exchange, as one of the options to raise capital to fund its intended buyout of the Royal Bank of Scotland's 300-strong branch network.
The largest bank in the euro zone had earlier acquired three British banks. It bought Abbey for £9bn in 2004 before going on to purchase Alliance & Leicester as well as Bradford & Bingley's savings arm in 2008.
The Spanish lender is in the process of replacing the three brands with the Santander name through a £30m rebranding campaign. The plan is similar to the flotation of Santander's Brazilian assets last year, which raised £5bn for the group. Virgin Money and National Australia Bank are the other bidders for the RBS branch network.