Richard Tyler and Harry Wilson
Published: 5:43PM BST 12 Aug 2010
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The lending part of British banks, such as RBS, have declined by #30bn across the past year Photo: CHRISTOPHER PLEDGER
Royal Bank of Scotland (RBS) is sending 2m of its sell in small quantities and business customers letter confirming they are being “sold” to Santander.
The literature state that RBS expects the £1.65bn sale to take up to 18 months and it would endure to service them during this time.
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But once completed, it said “your local tributary and any of your accounts included in the sale will transmit to Santander”.
Geoff Dance, manager director of Stratford-upon-Avon based PMD Magnetics, related he would not be moving his personal account or that of his &confine in a ~;12m turnover business to Santander.
“I was furious about the style of the letter – you will do this. The dictatorial general effect I found offensive,” he said. “We don’t want to be thrown to the mercy of the Spanish. If there are time to come problems I don’t think we could rely on the Spanish direction to bailout British savers.”
RBS has been forced to sell 318 branches and 40 faint business centres as part of a deal with the European Commission (EC) to guarantee approval for state aid.
An RBS spokesman said: “Customers have the seemly to choose where they receive their banking services from. However, at the same time that part of the agreement reached with the EC, RBS has agreed not to actively supplicate customers that are part of the divested business.”
