Banco Santander will reorganize its wholesale banking business in the UK

Santander plans to reorganize its wholesale banking business in United kingdom This year, Santander CIB’s assets and jobs will be transferred from Santander UK to the Banco Santander London branch.

“In January 2021 we announced plans to customers to streamline the operating structure of Aamal Santander CIB Corporate and Investment Banking in the UK. A Santander UK spokesperson said that the transfer of Santander CIB’s business and jobs from Santander UK to the London branch of Banco Santander, SA will allow Santander CIB’s customers to benefit from Banco Santander’s global capabilities and continue to advance.

The ‘Expansión’ newspaper and informed sources confirmed the operation, the transfer It must be approved by a British commercial court Transfer of employees from one company to another is negotiated with workers’ representatives.

Santander had already transferred more than £ 20 billion of assets from Santander UK to its London branch in July 2018, as a result of regulations that forced banks to separate the retail and wholesale businesses.

After this step, Santander UK has maintained Part of the wholesale banking assetsShe is the one who has now also decided to move to the Santander branch in London, a strategic move through which she intends to improve customer service, according to the sources consulted.

The entity had already notified its employees of these changes a few months ago, and last January it informed customers of these plans.

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