Santander declined NatWest's £11 billion offer for UK unit
ft.com —
Santander turned down an £11 billion bid from NatWest for its UK retail banking unit, deeming the offer insufficient. This decision effectively ended the potential deal. NatWest's offer, advised by Morgan Stanley and UBS, was rejected earlier this year. Santander has since raised €7 billion by selling a stake in its Polish unit, making a UK sale less likely. Santander is shifting its focus from Europe to the Americas, aiming to expand its presence there. NatWest is also preparing for domestic expansion after the UK government sells its remaining stake.