Santander considers UK exit amid frustrations with high street banking, FT reports

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Finance

Posted By Global Banking and Finance Review

Posted on January 19, 2025

Santander considers UK exit amid frustrations with high street banking, FT reports

(Reuters) - Banco Santander is reconsidering its presence in Britain two decades after its acquisition of Abbey National made it a major player on UK high streets, the Financial Times newspaper reported on Saturday, citing people familiar with the matter.

The bank is exploring a number of strategic options, one of which is exiting the British market, the report said, adding that no deal or announcement was imminent and that the review was at an early stage.

The bank is examining an exit from Britain in part because it wants to focus on bigger growth regions such as the U.S., FT reported.

Santander did not immediately respond to Reuters' request for comment outside of its regular business hours.

The move comes as the Spanish lender set aside 295 million pounds ($358.81 million) to cover possible costs related to an industry-wide probe into motor finance commissions.

Santander has also reduced its workforce in Britain through a round of 1400 job cuts in October.

Two people familiar with the matter said it was unclear who would be interested in buying the unit, and that Santander could yet decide to keep the business, the report added.

($1 = 0.8222 pounds)

(Reporting by Disha Mishra in Bengaluru; Editing by Bernadette Baum)

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