PRESS: Banco Santander considering exit from UK as returns lag - FT
Banco Santander SA is exploring options for its UK business, including leaving the UK market entirely, the Financial Times reported on Saturday, citing ‘people familiar with the matter’.
The Madrid-based lender first entered the UK two decades ago by acquiring retail bank Abbey National.
Santander enjoys lower returns from its ring-fenced UK bank compared to other markets, the FT said. Additionally, in November it had to set aside £295 million to cover potential costs of a UK court ruling about possible mis-selling of car loans.
An exit from the UK would involve selling Santander UK, which includes both retail and commercial banking operations, the newspaper said.
However it is unclear who would be interested in buying the business, two sources told the FT, and Santander could still decide to keep it.
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