Santander UK Aims To Send Investment Biz to Spanish Unit

Law360, London (June 23, 2021, 5:36 PM BST) -- Santander's British arm asked a judge on Wednesday to approve plans to transfer £3 billion ($4.2 billion) in corporate and investment banking business to the local branch of its Spanish parent company, saying the move would create "operational simplicity" in the wake of Brexit and other regulatory changes.

Counsel for Santander UK PLC, Martin Moore QC of Erskine Chambers, told the High Court that the British company's corporate and investment banking division offers banking services to large companies and financial institutions. That business would land at Banco Santander, although it would be at the Spanish company's London branch, Moore said.

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