Santander Bids for 300 RBS Branches - TheStreet

Santander Bids for 300 RBS Branches

Banco Santander said it submitted an offer for about 300 branches of Royal Bank of Scotland.
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LONDON (

TheStreet

) --

Banco Santander

(STD)

said it submitted an offer for about 300 branches of

Royal Bank of Scotland

(RBS) - Get Report

.

Santander, in a statement to the London Stock Exchange Friday, said it isn't "possible to say when the tender process will conclude."

RBS said it was "seriously reviewing" the offer but there is still time for other bidders to come forward.

Reports say Santander is the only bidder, reportedly offering between 1.5 billion pounds ($2.2 billion) and 1.8 billion pounds for RBS branches in England and Wales and its NatWest offices in Scotland.

"This remains a competitive process and we will continue to do what is right for our shareholders in disposing of these assets which present an excellent opportunity for either a new entrant or a bidder who wants to consolidate their position as a major player in the U.K. banking sector," RBS said in a statement.

The bank has until 2013 to complete a sale.

The U.K. government controls 84% of RBS.

-- Reported by Joseph Woelfel in New York.

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