Reports suggest Santander UK might leave after facing frustrations due to ring-fencing rules, high costs, and interest rate differences. The bank is considering options including focusing on higher-growth regions like the US. Barclays previously explored buying Santander's UK operations but talks reportedly stalled over price disagreements.
The UK economy is struggling to pick up after flagging for the past year Santander could exit the UK after two decades as a major player on British high streets, according to reports. The Spanish bank’s UK businesses is said to have caused ‘frustrations’ among bosses in recent years. Reasons include the UK’s ring-fencing rules, high costs, its independent board and interest rate differences.
The talks reportedly broke down due to disagreement over the price of the deal, and it’s unclear whether Barclays is still interested. Santander has been a major player on the UK high street since 2004 Santander gained a large foothold in the UK when it bought building society Abbey National in 2004. After the 2007-2008 financial crisis, it became one of Britain’s biggest lenders by merging Abbey with Alliance & Leicester and part of Bradford & Bingley, renaming it Santander UK.
Santander UK Exit Banking Economy
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