Santander boss breaks silence on UK exit fears | | European Markets

Santander’s boss has maintained the bank will stay within the UK regardless of claims it might depart because of extreme crimson tape.

Govt chairman Ana Botin stated “we love the UK” as she claimed latest reviews have been mere rumours unfold by investment bankers.

Mrs Botin advised the World Financial Discussion board in Davos of the benefits Britain has for banks post-Brexit as they will run independently from the EU.

She stated: “We love the UK. It’s a core market and will remain a core market for Santander. 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 realize the military of investment bankers that desires to get charges? So if they begin, these variety of people begin M&A [mergers and acquisitions], they begin wanting round. It’s undoubtedly not coming from us.”

A Santander UK spokesperson added: “We stay centered on offering glorious services and products to our 14 million prospects within the UK. The UK is a core market for Santander, and this has not modified.”

Reports previously suggested that Santander is getting frustrated by the high costs, regulations, and poor returns that come with operating in the UK.

Though she dismissed the idea of quitting Britain, Mrs Botin did not deny her frustration with the current red tape “constraining” banks. She said: “Let’s take a pause on regulation as a result of that’s constraining growth, massive time.”

Santander has also been trying to tackle a scandal after it was accused of mis-selling car loans, subsequently putting aside £295 million to cover compensation costs.

Last year, a court ruling declared the bank had paid “secret” commission to car dealers without borrowers knowing.

In the event that Mrs Bodin changes her mind and Santander leaves the country, the bank will likely be sold as its assets are appealing to potential buyers.

If this is the case, Alastair Douglas, CEO of personal finance app TotallyMoney, stressed the need for a “protected and controlled setting”.

He said: “The Authorities must create a protected and controlled setting that encourages innovation, investment, and higher buyer outcomes. As a substitute, it seems like we’re travelling within the reverse direction.

“In recent years, new UK banks and fintech have done a great job of creating a better banking system, utilising app technology and open banking data to put people in control of their money and data. This is where we need to see ongoing and long-term support.”