Santander mulls £2bn bid for Clydesdale and Yorkshire Bank
SANTANDER is mulling a £2bn bid for Clydesdale and Yorkshire banks as it looks to beef up its presence on the UK high street, according to reports.
Britain’s fifth largest bank is considering the move after its proposed acquisition of 316 Royal Bank of Scotland branches collapsed in October, the Sunday Times reported.
National Australia Bank (NAB), the owner of Yorkshire and Clydesdale, has come under pressure from shareholders to offload the struggling banks in recent months as their performance has faltered.
Last October, NAB suffered a 22pc slump in full-year profits due to millions of dollars in costs from its British operations.
It is understood that although the two banks are shedding more than 1,000 jobs as part of a restructure, Santander is keen on their strong position in business banking.