Banco Santander is reviewing its presence in Britain two decades after its acquisition of Abbey National made it a major player on British high streets, the Financial Times reported on Saturday, citing people familiar with the matter.
The bank is exploring a number of strategic options, one of which is exiting the UK market, the report said, adding that no deal or announcement was imminent and that the review was at an early stage.
The bank is considering an exit from Britain in part because it wants to focus on higher-growth regions such as the US, the FT reported.
Santander did not immediately respond to Reuters’ request for comment outside regular business hours.
The move comes as the Spanish lender set aside 295 million pounds ($358.81 million) to cover possible costs related to an industry-wide investigation into motor finance commissions, SEEbiz reports.
Santander also cut its UK workforce by cutting around 1,400 jobs in October.
Two people familiar with the matter said it was unclear who would be interested in buying the unit and that Santander could still decide to keep the deal, the report added.
