From Yahoo Finance: 2025-05-12 09:01:00

Banco Santander rejects NatWest’s bid for its UK retail operations, deeming it too low. The offer was above £10bn but below £12bn, according to Financial Times. The bank’s UK unit reported total equity of £10.4bn. Santander also turned down a lower offer from Barclays previously.

NatWest’s bid would have been the largest banking deal in the UK since the financial crisis. The state-backed lender aims to expand its market presence as the UK government prepares to sell its stake in NatWest. Santander’s CFO expressed the bank’s interest in becoming a significant player in the US market.

Santander agreed to sell 49% of its Polish unit to Erste Group for €6.8bn, with Erste acquiring the remaining 50% of the asset management business for €0.2bn. The total all-cash transaction value amounts to €7bn. This move aligns with Santander’s strategy to streamline its operations and focus on key markets.

Read more: Santander turns down NatWest’s offer for UK retail banking arm