According to a strategic report published by its UK subsidiary, Santander acknowledges that the fact of avoiding a ‘divorce’ without an agreement helped to eliminate a significant source of uncertainty during the first quarter of the year. However, this will not prevent an impact as the year progresses.
Bankinter | Santander UK has completed a revision of its UK operation, with a cut of 1.5 Bn€. This writedown is due to a deterioration in business perspectives (generation of future incomes) as a consequence of the severe regulatory environment and uncertainty about Brexit, which obliges it duplicate certain functions and, therefore, raise costs and reduce the expectations for the generation of profits.
Royal Bank of Scotland (RBS) will go ahead with the disposal of a substantial part of its SME banking business in the UK. The operation will be a complicated one and the British subsidiaries of Santander and Sabadell will participate in the bid process.
LONDON | The British financial regulator, the Financial Services Authority (FSA), confirmed Monday that Santander UK was fined £1.5 million for failing to clarify under which circumstances its structured products would be covered by the Financial Services Compensation Scheme (FSCS). The Spanish bank acknowledged that it could have replaced all product literature and training materials more quickly to reflect the FSCS position accurately. The fact that it allowed sales to continue with…