Santander may leave UK

Theleak250

According to the FT Santander may sell their British arm and leave, I’d be very surprised if it happens and wonder who would buy them. Not so long ago they were going to buy a chunk of RBS English branches. Times have changed it seems!

https://www.ft.com/content/52f65106-6def-4855-b7a0-ae2b7f3200f6

Jan 19 (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.

TheBanker

Theleak250 said:

According to the FT Santander may sell their British arm and leave, I’d be very surprised if it happens and wonder who would buy them. Not so long ago they were going to buy a chunk of RBS English branches. Times have changed it seems!

https://www.ft.com/content/52f65106-6def-4855-b7a0-ae2b7f3200f6

I'd also be surprised if this happens. I think this is 'noise' from Santander, attempting to influence the UK Government to relax some of the Ringfencing rules which increase costs for foreign banks who own a retail bank in the UK compared to other countries.

Section62

TheBanker said:

Theleak250 said:

According to the FT Santander may sell their British arm and leave, I’d be very surprised if it happens and wonder who would buy them. Not so long ago they were going to buy a chunk of RBS English branches. Times have changed it seems!

https://www.ft.com/content/52f65106-6def-4855-b7a0-ae2b7f3200f6

I'd also be surprised if this happens. I think this is 'noise' from Santander, attempting to influence the UK Government to relax some of the Ringfencing rules which increase costs for foreign banks who own a retail bank in the UK compared to other countries.

Yes, the typical big business winge to government that "if you don't do 'x' we'll up sticks and leave the UK".  "We're too big and important for the UK to lose"

wmb194

A way to 'sell' it would be to list it on the stockmarket with or without a new name and branding.

IanManc

If Santander leaving the UK brings an end to their sickening Ant and Dec advertisements then I'm all for it. 

boingy

Maybe the bank of Ant and Dec has taken all their UK customers.

adamp87

Ultimately it seems their retail banking arm isn't making money - they'll still be keeping their commercial and investment banking here.

Bit of an issue with that many customers if they can't make it work though - perhaps there's more of a problem with the bank and customer perception than anything else. That said because of our very protective banking laws unlike many in Europe- they seem to be complaining they can't make money because we don't want to see another 2008..

Good riddance really if they choose to leave, it might be nobody buys up their branch network - we are already seeing mass branch closures and mergers- Lloyds now is looking to allow multibrand acess which will mean more retail bank closures. 

Why pay for a high street prescence in old expensive buildings, leases, energy and such if they aren't required (Not justifying all the closures we are seeing but it's clear despite the need by some of the population for these- which will be covered more and more by Banking Hubs.. the banks don't see the return on these large branches anymore)

The mortgate book will be really want people want mortgage in any potential sale. If they do (and I still think it would be suprising, moreso an effort to try and get the government to relax their rules which they won't., then it'll be picked up

Brie

If they go I'll miss their 123 card that has allowed me fee free use outside the UK.  I'm sure I'll find a replacement but just don't want the fuss.  I've as savings account with them too but that money can be moved easily enough.  Must say though - their customer service generally has been much better than some other banks.  Maybe that's why they aren't making money if they are actually training people to do a proper job!

Theleak250

Brie said:

If they go I'll miss their 123 card that has allowed me fee free use outside the UK.  I'm sure I'll find a replacement but just don't want the fuss.  I've as savings account with them too but that money can be moved easily enough.  Must say though - their customer service generally has been much better than some other banks.  Maybe that's why they aren't making money if they are actually training people to do a proper job!

I’d imagine even if they are sold it won’t change overnight. From what I understand of their structure, Santander allows autonomy within the group, so services offered in the UK may not be dependent on the head office or being part of Santander as a whole. 

ian1246

I'll be sad to see them go if they do - their edge saver is very competitive, especially when combined with the 1% cashback from the edge account on direct debits! They ve single handedly boosted my income by £250+ a year. Definitely my favourite bank.

kev2009

What do you think will happen to existing mortgages if they do leave? Will the fixed term be honoured by whoever takes it over or will everyone simply be put on a variable mortgage and then be free to sign up to a fix with the new provider or move elsewhere?

I got my mortgage & 123 lite account with them which I use, I have a savings account with them but it doesn't have much in it tbh as I can get better rates elsewhere.

Thanks

Kev