The United Kingdom is experiencing a very complex economic and financial situation. So much so that it is a subsidiary in the UK Santander Bank They no longer welcome maintaining investments in British territory. At least that's what he sees Mike RegnierCEO of the company Santander UKwho in recent days advised against Anna PutinCEO of Santander, to stop its investments in the British Isles.
The reasons seem quite clear. From Regnier's office they think so Increase taxes and increase tax evasion It affects the ability of Santander's UK branch to achieve profits compared to other global markets in which the bank is present.
Mike Regnier, who participated in the session Treasury Committee From the House of CommonsI confirm that “Even though it was a good year, “The return we received in the UK was not as high as the shareholders of our parent company had expected.”.
Regnier, who does not believe in the profitability obtained in the last cycle, gave Putin advice that he could follow in the coming months: “At the moment, given the competitiveness of the UK, taxes are higher than in other countries, and because we are a UK company competing for capital allocation within the group; If I were the bank, I would invest it elsewhere“.
In 2023, Santander's total return on tangible equity (ROTE) reached 15.1%what it represents An increase of 1.7 points Compared to 2022. The target set by the bank for 2025 is a rate ranging between 15% and 17%. In the United Kingdom, this indicator was 14.4% In 2023, unlike 12% registered in 2022.
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