Santander issues guidance to managers as questions raised about UK future

Bosses at the Spanish bank have long voiced frustrations over UK financial regulation and government policy in particular ringfencing which requires all lenders to keep investment and savings cash separate.

The Guardian has reported that the chief executive of Santander’s UK, John Baldwin, sent out a memo outlining how to respond to clients and its 21,000 UK staff, rattled by news that the bank could be put up for sale.

News of the memo came as concerns soar over the impact on customers if the rumoured exit goes ahead.

Ben Thompson, deputy CEO of Mortgage Advice Bureau, told Daily Express that a sale is the most likely scenario, with Santander’s UK assets appealing to potential buyers.

The internal note sent to senior managers was signed off by the chief of Santander UK’s parent company. Banco Santander.

Ana Botín wrote that customers and staff who asked about the bank’s future should be told to “review strategic priorities in all our markets annually. This is part of business as usual.”

The Guardian added that bosses are instructed to say: “The UK is a core market for Santander. This has not changed. We remain focused on delivering our strategic priorities and continuing to serve our 14 million customers in the UK.”

Baldwin’s memo adds: “I trust that this is helpful and reinforces the bank’s position, should you be asked.”

The Spanish firm has 14 million active customers in the UK and was first reported by the Financial Times over the weekend as allegedly considering quitting Britain.

A Santander UK spokesperson said: “We remain focused on providing excellent products and services to our 14 million customers in the UK. The UK is a core market for Santander, and this has not changed.”

Any sale of the bank, which has a loan book worth £200 billion would have to go through the regulators.