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Santanders, British Chairman William Vereker resigns after cracking with Ana Botn.
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According to people who are familiar with this problem, William Veryker exposed the cracks with the chairman of the bank Spanish parents and the chairman of ANA BOTN.
VEREKER, who has served as the British business chairman of the Spanish loan agency since 2020, said he would withdraw from the board of directors at the end of this year.
The bank announced that Verekers started on Tuesday after the Financial Times approached Santander in a request for comment.
His departure can include potential exit in the British retail market as Santander explores several strategic options for the UK business, the FT reported earlier.
Vereker, a former senior executive of UBS and former Prime Minister Theresa May, collided with the leadership of Madrid's governance and resources, said people who were used to the situation.
Vereker told the FT that there was no personal cracking between him and BOTN.
According to two people familiar with Madrid-London Dynamic, BOTN sometimes saw the British board of directors as closed. Another person who is familiar with the bank said Santant's power was very centralized in Madrid.
Santander UK, a subsidiary supervised by the UK Bank, must have a separate board of directors and a major position with independent directors.
VEREKERS EXIT will cause another problem with the Spanish loan institution. Spanish lending agencies are struggling to increase profits in the UK department compared to some of other markets. We are also facing exposure to the British court for incorrect sales of car loans.
The British unit loan control has been reduced in recent years, and its total assets have decreased from 315 billion won in 2017 to 27.5 billion at the end of September.
BOTN said last week that the UK will remain a core market in Santant, but those who are familiar with this problem said that the potential sales of High Street Bank were not excluded when a solid person approached with an attractive proposal.
Francisco Riquel, an analyst at Alantra Equities, added that Santander does not have a good sleeve franchise for the UK. 85 %of loan books are mortgage. They are trying to become a universal retail bank. They did not manage.
suggestion
All measures for Santant to expand the UK business will come to the government in a awkward period, which is trying to revive the economy. Last week, at the Davos' World Economic Forum, Rachel Reeves said that it was the government's best mission to strengthen economic growth.
Meanwhile, Nicky Morgan, a former conservative spectacular spectacular spectacular sitting on Santander Uks Board and House of Lords, will be appointed as a senior director of board and will lead a search for Verekers replacement. problem.
Elite British Public School Eton's former Prime former Prime Minister Boris Johnson, Veryker, may remain in the board of directors by 2029, depending on the UKS corporate governance code. The code is applied only to the group listed in the commercial company's category of the London Securities Exchange, but it was considered a model case throughout the British board of directors.
Sources 2/ https://www.ft.com/content/22bee4e9-d1ec-41fa-8059-f95b5fe7c3cb The mention sources can contact us to remove/changing this article |
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