Royal Bank of Scotland Group PLC (RBS) could get up to 300 million pounds ($468 million) less than expected for the sale of 318 branches to Santander UK after the business failed to meet targets outlined in the deal, the Financial Times reported on its website Thursday, citing two people close to the deal.
The agreed price of GBP1.65 billion, which included a GBP350 million premium on the value of the business, would likely be reduced, the FT said.
Santander is likely to pay a small premium over book value, meaning the price may be cut by some GBP250 million-GBP300 million, the FT cited the sources as saying.
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