Santander Group
In March 2010, it was reported that the group had issued a sales memorandum for the business, which would include 318 branches and around £20 billion in loans provided to small businesses and households. Following the deadline for initial bids on 7 April, Santander Group, Virgin Money, National Australia Bank, BBVA and the private equity firm JC Flowers were all confirmed to have submitted bids for consideration. It was announced on 3 August that the Spanish Santander Group would pay around £1.65 billion for the branches, expected to be rebranded as part of Santander UK, in a deal set to be completed by December 2013. Santander withdrew from the sale on 12 October 2012.