Europe backs sale of RBS branches

The European Commission yesterday cleared the sale of 318 Royal Bank of Scotland branches in the UK to Spain’s Banco Santander.

The commission said the transaction would not raise competition concerns because the overlaps between the banks’ activities were “very limited” and Santander’s market shares would remain low in the UK.

The sale included RBS’ branch-related retail and SME business in England and Wales, the NatWest retail and SME business in Scotland, along with certain mid-corporate customer accounts in the UK.