Although the bank remains committed to the strategic partnership with Santander, a full-blown merger has now been ruled out.
RBS chief executive Fred Goodwin has repeatedly said that he does not feel merger with a European bank will deliver benefits to shareholders. Although Goodwin is thought to be keen to expand his bank's reach, a partnership or merger in the US is thought more likely.
Royal Bank of Scotland (RBS) has dismissed reports that it plans to merge with Banco Santander Central Hispano. Spain's largest banking group is a major shareholder in the Royal Bank.
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