Wednesday, May 27, 2009

Santander takes over

"The bank says that rebranding will cost it £12m, although this does not include any of the cost of advertising or expenses. The savings by integrating the businesses has been estimated by the bank as £180m."

So Santander wants to bowl over Bradford and Bingley, Alliance and Leicester and Abbey and there's much talk about why and will it pay off? For me it has to be a no-brainer. Santander wants to consolidate (ok) and I think they realise now is the time as people have lost faith in bank names all over but especially the UK. I'm sure there are high level strategic reasons for repositioning services and products and giving a Europe-wide portfolio for customers but really, are they risking anything? This article says some customers will be lost but to which other trustworthy bank? Are there any?

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