Santander’s executive chairman Ana Botin said the bank is not leaving the UK. (Image: Getty)
‘s boss has maintained the bank will remain in the UK despite claims it could leave due to excessive red tape.
Executive chairman Ana Botin said “we love the UK” as she claimed recent spread by investment bankers.
Mrs Botin told the World Economic Forum in Davos of the advantages Britain has for banks post- as they can run independently from the EU.
She said: “We love the UK. It’s a core market and will remain a core market for Santander. Punto [Spanish for full stop]. The UK has a huge opportunity. Why? Because it can move faster. The UK does not have to .
“You know the army of investment bankers that wants to get fees? So if they start, these kind of people start looking at M&A [mergers and acquisitions], they start looking around. It’s definitely not coming from us.”
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Santander’s executive chairman blamed the rumours on investment bankers. (Image: Getty)
A Santander UK spokesperson added: “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.”
Reports previously suggested that Santander is getting , regulations, and poor returns that come with operating in the UK.
Though she dismissed the idea of quitting Britain, Mrs Botin did not deny her frustration with the current red tape “constraining” banks. She said: “Let’s take a pause on regulation because , big time.”
Santander has also been trying to tackle a scandal after it was accused of mis-selling car loans, subsequently putting aside £295 million to cover compensation costs.
Last year, a court ruling declared the bank had paid “secret” commission to car dealers without borrowers knowing.
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In the event that Mrs Bodin changes her mind and Santander leaves the country, the bank will likely be sold as its assets are appealing to potential buyers.
If this is the case, Alastair Douglas, CEO of personal finance app , stressed the need for a “safe and regulated environment”.
He said: “The Government needs to create a that encourages innovation, investment, and better customer outcomes. Instead, it feels like we’re travelling in the opposite direction.
“In recent years, new UK banks and fintech have done a great job of creating a better banking system, utilising app technology and open banking data to put people in control of their money and data. This is where we need to see ongoing and long-term support.”