REG - Santander UKGrp Hdgs Santander UK Plc - PART VII BANKING BUSINESS TRANSFER SCHEME

Banco Santander SAAnnouncement

16/04/2021 10:00

RNS Number : 7232V
  
Santander UK Group Holdings PLC
  
16 April 2021
  
 

SANTANDER UK GROUP HOLDINGS PLC
 
CORPORATE & INVESTMENT BANKING PART VII BANKING BUSINESS TRANSFER SCHEME
 
16 April 2021
 
As part of our drive for continuous improvement in customer experience and following a review of the way our Corporate & Investment Banking ('CIB') business is operated in the UK, Santander intends to conduct substantially all of its CIB business in the UK from the London branch of Banco Santander, S.A. (the 'SLB'), beginning later this year.
 
To undertake this change, Santander UK plc ('Santander UK') is proposing to transfer substantially all of its CIB business to the SLB in H2 2021 by way of a banking business transfer scheme under Part VII of the Financial Services and Markets Act 2000 (the 'Scheme'). The Scheme is subject to approval by the High Court of England and Wales (the 'Court').
 
On 14 April 2021, the Court gave directions for Santander UK's communication in respect of the Scheme. A subsequent hearing for the sanction of the Scheme by the Court is expected to be held on 23 June 2021 (the 'Sanction Hearing'). If the Scheme is approved at that hearing, transfers of CIB business from Santander UK to the SLB under the Scheme are expected to be effected, on the dates as set out in the Scheme, before the end of the year.
 
Further information and contacts
 
Details of the Scheme process and how you may participate in the process (including information on how to object) can be found on www.santandercibPartVII.co.uk.
 
A full version and a summary of the Scheme document submitted to the Court are also available for you to view or download free of charge from www.santandercibPartVII.co.uk until the date of the Sanction Hearing.
 

















Paul Sharratt


Head of Investor Relations


07715 087 829




Stewart Todd


Head of External Affairs


07711 776 286



 
 
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Additional information about Santander UK and Banco Santander 
Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services. At 31 December 2020, the bank had around 21,900 employees and serves around 14 million active customers, via a nationwide branch network, telephone, mobile and online banking. Santander UK is subject to the full supervision of the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) in the UK. Santander UK plc customers' eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) in the UK.
 
Banco Santander (SAN SM, STD US, BNC LN) is a leading retail and commercial bank, founded in 1857 and headquartered in Spain. It has a meaningful presence in 10 core markets in Europe and the Americas, and is one of the largest banks in the world by market capitalization. Its purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising over €120 billion in green financing between 2019 and 2025, as well as financially empowering more than 10 million people over the same period. At the end of 2020, Banco Santander had more than a trillion euros in total funds, 148 million customers, of which 22.8 million are loyal and 42.4 million are digital, 11,000 branches and 191,000 employees.
 

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