Santander’s boss yesterday declared ‘we love the UK’ as she firmly denied the group was quitting Britain – and blamed fee-hungry investment bankers for stirring the rumours.
The Spanish group was reported to be looking at leaving the UK after two decades, with excessive red tape said to be partly to blame. Speculation had even begun to swirl over who would buy the business.
But Ana Botin, who is executive chairman of the lender, dismissed the suggestion at the World Economic Forum in Davos.
She instead even highlighted Britain’s post-Brexit advantages – which leave it free from sluggish Brussels decision making – as she reaffirmed the bank’s commitment to the UK.
Botin said: ‘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.’
We’re staying: Ana Botin (pictured), who is Santander’s executive chairman, dismissed the suggestion that the Spanish group was looking at leaving the UK
Asked where the reports of Santander’s departure had come from, she said: ‘You know the army of investment bankers that wants to get fees?
‘So if they start, these kind of people start looking at M&A, they start looking around. It’s definitely not coming from us.’
Reports suggested that several factors had persuaded the group to review its position in the UK, including high costs.
It has also, like other lenders, been grappling with the cost of a car finance scandal. It has set aside £295million to cover the cost of providing compensation after a recent court ruling.
Botin did not deny frustration over regulation – but not only in the UK. She said: ‘Let’s take a pause on regulation because that is constraining growth, big time.’
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