Speculation has continued around the future of Santander in the UK as the company revealed that its annual profits fell by almost 40 per cent.
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00:00Hello, I'm Michael Crosland, Business Reporter with the Arch Post, here today with a brief
00:04update on the speculation around Santander exiting its UK business.
00:11So we've seen more speculation come up today after the company announced that in the UK
00:17its annual profits fell nearly 40% to £1.33 billion for 2024.
00:24The UK company's Spanish owner has, it should be said, made efforts to quash any rumours
00:29that the company is considering pulling out of the UK, with Executive Chair Anna Burton
00:35claiming that the company, in quotes, loves the UK and that Britain remains a core market
00:40for the company.
00:42But according to the Financial Times, it's understood that the bank would still consider
00:46an offer if the right buyer came along with a high enough offer.
00:51Reports first emerged last month that Santander was considering exiting its UK business with
00:57the British arm, seen on a weaker footing than other locations in Europe.
01:02That comes on top of a potential crisis facing the motor finance sector, which is also looming
01:08over the UK brand.
01:11That's all for the time being, I'm Michael Crosland, reporting for the Yorkshire Post.