Santander confirms RBS branches bid

Spanish bank Santander has confirmed that it is bidding to buy 318 high street branches from the Royal Bank of Scotland.

It is not putting a figure on the bid, but some estimates say a deal could be worth about £1.5bn (€1.8bn).

Santander already owns Abbey, Alliance & Leicester and the savings arm of Bradford & Bingley.

If this bid succeeds, it would have 14% of the British mortgage market and 10% of its retail savings.