Santander: Major high street bank 'considering full UK exit', putting three Leeds branches at risk
A major high-street bank is reportedly considering a full exit from the UK, a move that could impact millions of customers and its three Leeds branches.
Spanish banking giant Santander is said to be exploring several strategic options, including a complete withdrawal from the UK market, according to a report by the Financial Times over the weekend.
The review comes 15 years after Santander entered the UK high street by acquiring Abbey National. However, the Financial Times noted that the review remains in its early stages, with no imminent deals or announcements.
The bank is reportedly seeking to focus on regions with higher growth potential, such as the United States.
If Santander were to exit the UK, it would affect around 14 million customers, its 20,000 employees and 444 branches across the country, including its offices on Briggate in Leeds, Queen Street in Morley, and Lidget Hill in Pudsey.
A former Santander executive suggested that exiting the UK has always been a possibility, particularly under the leadership of executive chair Ana Botín.
Since its establishment in the UK, Santander has expanded significantly, acquiring Alliance & Leicester and parts of Bradford a& Bingley.
Despite its growth, the bank has previously signalled a potential scaling back of UK operations. It recently set aside £295 million to address costs related to an industrywide probe into motor finance commissions and announced plans to cut around 1,400 jobs in October 2024.
Santander’s frustration with the UK market is partly driven by regulatory challenges. The bank has raised concerns over the cost of post-2008 financial crisis regulations, including ringfencing rules.