As fears grow over the bank's withdrawal from the UK, the Santander boss said:

Santander chief executive Anna Bottin flatly dismissed speculation about the bank's possible exit from the UK, declaring “we love Britain” at the World Economic Forum in Davos.

Botin said the UK was a “key market and will remain a key market for Santander Full Stop.”

The boss of the Spanish banking giant has dealt quickly with recent reports that the lender is considering leaving the UK market after 20 years.

She blamed investment bankers demanding fees for fostering rumors of a possible departure from Santander.

Botin said, “You know the army of investment bankers who want to get their fees? So when they start, these kinds of people start looking at M&A and they start looking around. That's definitely not coming from us.”

The bank operates 444 branches nationwide and has $200 billion in customer loans, making it one of the UK's largest lenders.

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The strong denial comes after reports that Santander was reviewing strategic options for its UK business, including the possibility of withdrawing from the market altogether.

The move would have affected 14 million customers and around 20,000 staff across the UK.

The bank operates 444 branches nationwide and has $200 billion in customer loans, making it one of the UK's largest lenders.

The review was driven by growing dissatisfaction with UK regulations, including costly post-financial crisis rules requiring banks to separate their retail and investment operations, according to the report.

The Spanish financial group, which first entered the UK market through the acquisition of Abbey National in 2004, is reportedly considering focusing on regions with higher growth potential, such as the US.

Far from expressing his frustration with Britain, Bottin emphasized in Davos the benefits the country could gain after Brexit.

“The UK has a huge opportunity. Why? Because we can move faster. The UK no longer needs to agree with 27 countries,” she told the World Economic Forum.

She acknowledged regulatory issues but expressed concern beyond Britain's borders: “Let's take a pause on regulation because it's constraining growth.”

Latest developments:

The bank has consistently maintained its commitment to the UK market throughout the speculation period.

A Santander spokesperson reiterated: “We remain focused on delivering excellent products and services to our 14 million customers in the UK.”

Despite Botin's optimistic outlook, Santander has faced challenges in its UK operations recently.

In October 2024, the bank announced 1,400 job cuts across its UK operations as part of its cost-cutting efforts.

Speculation has grown that Santander could leave the UK high street.

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The lender also set aside $295 million to cover potential compensation costs related to the auto finance fee scandal.

The provision caused the bank's third-quarter profit to drop significantly to $143 million from $413 million in the previous quarter.

However, Santander remains committed to the UK market.

A Santander spokesperson stressed: “The UK is a key market for Santander and that has not changed.”

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