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From ... in Propaganda Political History —

Santander is pivoting its business away from Europe and towards the USA

If you turn on British television, it has been daily “news” that President Donald Trump’s “tariffs” are destroying the American economy and that poorly performing stock markets indicate investors have lost confidence in the USA.  Santander

Santander is pivoting its business away from Europe and towards the USA

We have tagged this article as propaganda as it imposes a serious spin on the topic.
If not more explanation provided, this article is included as propaganda because it shows clear manufacture from a government controlled dialectic, where a topic is misdirected by some actors in order to mislead people during early stages of a narrative.

If you turn on British television, it has been daily “news” that President Donald Trump’s “tariffs” are destroying the American economy and that poorly performing stock markets indicate investors have lost confidence in the USA. 

Santander disagrees; the Spanish banking giant is pivoting its business away from Europe and towards the Americas, including an aggressive push in the US.  It seems the bank is signalling it has more confidence in the USA than it has in the UK or Europe.

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Spanish lender Santander employs about 21,000 staff in the UK and has 14 million customers.  In January, it was reported that the bank was reconsidering its presence in the UK and exploring strategic options, including a potential exit from the market.  This would have likely been a blow to Chancellor Rachel Reeves’ drive for “growth”; a sale could have potentially been perceived as a signal of falling confidence in Britain at a time when the Labour government was struggling to revive the country’s flagging economy.

The bank’s ringfenced UK operations were causing frustration within the group due to lower returns in the UK relative to other markets and its exposure to a British court ruling about the possible mis-selling of car loans.  Despite this, Santander stated that the UK remains a core market and even if it exits retail and commercial banking, it may still maintain a presence in corporate and investment banking.

“The bank is examining an exit from the UK in part because it wants to focus on bigger growth regions such as the US,” the Financial Times reported in January.

Earlier today the Financial Times reported that Santander rejected a bid earlier this year worth approximately £11 billion from state-backed NatWest for its UK retail bank, citing that the offer was too low and this decision has been reinforced by the recent sale of a large stake in its Polish unit for €7 billion.

NatWest’s bid, which would have been the largest UK banking deal since the 2008 financial crisis, was made as the British lender prepares to expand aggressively in its domestic market once the UK government sells its remaining £46 billion crisis-era stake, which is expected to happen in the coming weeks.

Santander’s sale of the Polish unit has made any potential sale of the UK unit less likely, as Santander plans to redeploy some of the proceeds to invest in its other regions, particularly in the Americas, as part of its strategic pivot away from Europe to the Americas.

Following the sale of its Polish unit, any potential suitors for the UK unit would now need to make a “big offer” for it to be considered by Santander, which has stated that the UK is “not for sale” and is a core part of its diversified business model.

Santander has previously rejected a “low ball” offer from Barclays for its UK ringfenced bank, and the bank has been reducing its headcount in the UK, announcing over 2,000 job cuts since last October as part of plans to cut costs and close branches.

The Spanish group, led by executive chair Ana Botín, is focusing on expanding in the Americas, including an aggressive push in the US, where it aims to become a “relevant bank,” and has been reducing its presence in some European countries to free up resources for this expansion.

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