A sign hangs at a Santander branch on Wednesday, February 3, 2010 in London, England.
Simon Dawson | Bloomberg via Getty Images
Santander Two decades after its acquisition of Abbey National made it a major player on the British high street, the company is rethinking its business in the UK, the Financial Times reported on Saturday, citing people familiar with the matter.
The bank is exploring a number of strategic options, one of which is to exit the UK market, the report said, adding that no deals or announcements were imminent and the review was at an early stage.
According to the Financial Times, the bank is considering exiting the UK, in part because it wants to focus on larger growth regions such as the United States.
Santander did not immediately respond to a Reuters request for comment outside normal business hours.
The move comes as the Spanish bank sets aside 295 million pounds ($358.81 million) to cover possible costs related to an industry-wide investigation into the Motor Finance Commission.
Santander also reduced its UK workforce in October through a round of layoffs of 1,400 people.
Two people familiar with the matter said it was unclear who would be interested in buying the unit and Santander could still decide to keep the business, the report added.
