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17th April 2012

Ringfencing clarification before Santander UK IPO

Ana Botín, CEO of Santander UK said that the talked about UK IPO would happen but not before the end of 2013. She cited the uncertainty arising from not knowing the detail as to how the ring fencing of UK retail banking from other banking activities would work as one reason for the delay.


She made the comments whilst visiting Scotland. The bank is rolling out new business centres in Aberdeen, Dundee and Perth. Whilst buying a portfolio of 312 branches from the Royal Bank of Scotland most of the portfolio was in England and was biased towards SME business. This has given Santander a significant boost to Santander's weak business portfolio as its previous UK acquisitions had developed out of building societies.