A sign at a Santander Bank branch in London, England, Wednesday, February 3, 2010.
Simon Dawson | Bloomberg via Getty Images
Santander bank The Financial Times reported on Saturday, citing people familiar with the matter, that the company is expanding its operations in Britain two decades after its acquisition of Abbey National made it a major player on the British high street. It is said that they are reconsidering their presence.
The bank is considering a number of strategic options, one of which is to exit the UK market, the report said, adding that there are no imminent agreements or announcements and the discussions are at an early stage.
The bank is considering exiting the UK in part because it wants to focus on larger growth regions such as the US, FT reported.
Santander did not respond to a Reuters request for comment outside normal business hours.
The move comes after the Spanish lender set aside 295 million pounds ($358.81 million) to cover potential costs related to an industry-wide investigation into car finance fees. I was disappointed.
Santander also cut its workforce in the UK, cutting around 1,400 jobs in October.
Two of the people said it was unclear who would be interested in buying the unit and that Santander could still decide whether to continue with the business, the report added.
