Santander's boss affirms commitment to UK operations

In statements made during the World Economic Forum in Davos, she rejected recent speculation about the bank’s potential exit, describing such reports as unfounded rumours propagated by investment bankers.

Botin stated, "We love the UK. It’s a core market and will remain a core market for Santander," emphasising the importance of the UK to the bank’s strategy moving forward. She highlighted the inherent advantages of the UK market post-Brexit, noting that it allows for greater operational independence without the need to negotiate with multiple EU countries.

Accompanying her comments, a spokesperson for Santander UK reiterated the bank’s focus on serving its 14 million customers in the UK, underscoring that the UK market remains a priority.

Despite the reassurances, there have been earlier reports suggesting that Santander is facing challenges related to high operational costs, stringent regulations, and disappointing returns on investment in the UK.

While Botin dismissed the idea of withdrawing from the market, she acknowledged her concerns about regulatory burdens, stating, "Let’s take a pause on regulation because that is constraining growth, big time."