Santander considering quitting UK - putting 15 million customers at risk

Santander is considering quitting the UK - putting 15 million customers at risk. The high street bank, which is a staple across the country, is reconsidering its presence in the UK two decades after its acquisition of Abbey National.

The Financial Times reported late on Sunday (January 19) that tThe bank is exploring a number of strategic options, one of which is exiting the UK market. They added that no deal or announcement was imminent and that the review was at an early stage.

Last year, the the bank had around 19,600 employees and serves around 14 million active customers, including 7 million digital customers via a nationwide 444 branch network, telephone, mobile and online banking.

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Santander faces pressure from lower returns and a looming court ruling about the possible mis-selling of car loans. In November, it set aside £295 million to cover the potential costs of the ruling after motorists, drivers and road users were mis-sold.

The former executive said that it had “always been a possibility” that Ana Botín, executive chair of Santander, would decide to sell the ringfenced bank as a result of these frustrations. The bank is examining an exit from the UK in part because it wants to focus on bigger

The bank - which is rivalled by the likes of HSBC UK, NatWest, Nationwide, Lloyds, Barclays and more -reported pre-tax profits of £947 million during the first nine months of 2024, down from £1.73 billion during the same period a year earlier, as net interest income fell and it set aside the provision for the auto financing ruling.

In a statement after the FT report emerged last on Sunday, a Santander spokesperson spoke out on behalf of the bank. In the statement, Santander said: “The UK is a core market for Santander and this has not changed.”