(20 January 2025 – United Kingdom) Santander is reviewing its UK presence as the Spanish lender contends with lower returns at its UK ringfenced business and exposure to a looming car loans mis-selling court ruling.
Two decades after its acquisition of Abbey National made it a prominent High Street banking presence, Santander is exploring multiple strategic options including exiting the UK market entirely.
The group has recently undertaken a major expansion of its corporate and investment bank (CIB), directly recruiting former Credit Suisse bankers.
The bank is examining an exit from the UK in part because it is planning to focus on stronger growth regions such as the US noting Santander could yet decide to keep the business.
“The UK is a core market for Santander, and this has not changed”
Santander said in a statement.
“The company’s retail and commercial banking operations in Great Britain have caused frustrations within the larger organisation in recent years. Because of this frustration it has always been a possibility that Ana Botín, Executive Chair of Santander, could decide to sell the ringfenced bank” a former executive commented to FT.