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Santander makes offer for RBS's Williams & Glyn arm -source

Reuters - UK Focus

LONDON, Aug 2 (Reuters) - Banco Santander (Amsterdam: 817651.AS - news) has made an offer to take over Royal Bank of Scotland (LSE: RBS.L - news) 's Williams & Glyn business, a source familiar with the situation told Reuters on Tuesday.

The move by Spain's largest bank could end a costly seven-year process by RBS to offload the small business lender, a key European Union condition of its taxpayer-funded rescue at the peak of the global financial crisis.

RBS has blamed the complexities of creating a standalone technology platform for the delays in selling Williams & Glyn, seen by some analysts as a major milestone in the lender's road to recovery, return to full private ownership and restoration of dividends.

RBS, which reports results for the first half of its financial year on Friday, had no immediate comment to make on the offer.

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In a statement, Santander UK (LSE: 44RS.L - news) , the British arm of the Spanish bank said it did not comment on market rumours or speculation.

It (Other OTC: ITGL - news) also said it continued to focus on organic growth but could look at opportunities that added value and benefit to its customers and shareholders.

The story was earlier reported by Sky News. (Reporting By Andrew MacAskill, editing by Sinead Cruise)