Whichever way the battle for NatWest works out, the fact of Bank of Scotland’s audacious raid has injected new urgency into UK banking consolidation. Patrick Frazer, executive director of Davis International Banking Consultants says: “By showing that NatWest is vulnerable, it opens up all sorts of prospects, including bids for the biggest players or bids by foreign players. My guess is that NatWest is going to open the floodgates for things that were unthinkable.
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