Santander breaks silence over 'quitting UK' with NEW update for customers

James Rodger

23 January 2025 at 7:47 am·2-min read

14 million customers in the UK are at risk and have been left in limbo amid fears the high street financial giant could withdraw from the country. — -Credit:Reach Publishing Services Limited

The boss of Santander has broken their silence in the wake of reports the bank could quit the UK. 14 million customers in the UK are at risk and have been left in limbo amid fears the high street financial giant could withdraw from the country.

Speaking at the World Economic Forum in Davos, Ana Botin denied the plans and said Santander would remain in the UK “into the future”. Mrs Botin suggested the rumours had been spread by investment bankers. She said: “We love the UK.

"It’s a co-market and will remain a co-market for Santander. Punto [full stop].” The Financial Times reported last week that a former Santander executive said it had 'always been a possibility' Mrs Botín would sell up because of the banking rules that had led to lower returns.

Ms Botin said: "'Punto [Spanish for full stop]. The UK has a huge opportunity. Why? Because it can move faster. The UK does not have to agree with 27 countries now. You know the army of investment bankers that wants to get fees?

"So if they start, these kind of people start looking at M&A [mergers and acquisitions], they start looking around. It's definitely not coming from us." Mrs Botín did, however, warned Europe was at risk of becoming a 'museum' because of the continent's failure to develop deep capital markets, reported The Times.

However, she could not hide her frustration over the current regulation that she said was 'constraining growth' in the banking market. A Santander spokesperson echoed Ms Botín's words, telling the Express that it remains '"focused on providing excellent products and services to our 14 million customers in the UK."

The UK is a core market for Santander, and this had not changed." A former Santander executive was reported as saying that it has "always been a possibility” that bosses could choose to sell. Mrs Botin did not deny her frustration with the current red tape "constraining" banks, and said: "Let’s take a pause on regulation because that is constraining growth, big time."

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