Transfer of Santander UK wholesale bank assets to the London branch
Madrid 11 (Europe Press)
Santander plans to reorganize its wholesale banking business in the UK this year, with Santander CIB’s assets and jobs moving from Santander UK to its Banco Santander branch in London.
“In January 2021, we announced to clients plans to simplify the operating structure of Santander Corporate & Investment Banking (Santander CIB) in the UK. 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’s capabilities. Santander Global and continue to advance, ”said a Santander UK spokesperson.
According to what was reported by ‘Expansión’ and sources familiar with the operation confirmed to Europa Press, that the transfer must take place with the approval of a British commercial court, and the 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 move, Santander UK held a portion of its wholesale banking assets, which it has now decided to also transfer to Santander’s London branch, a strategic move through which it 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.