Santander UK intends to send Investment Biz to Spanish entity

Law360, London (June 23, 2021 5:36 p.m. BST) – The UK branch of Santander on Wednesday asked a judge to review plans to transfer £ 3 billion ($ 4.2 billion) in corporate and investment banking Parent company to approve business to the local branch of its Spanish office, saying the move would bring “operational simplicity” after Brexit and other regulatory changes.

Santander UK PLC’s attorney Martin Moore QC of Erskine Chambers told the High Court that the UK company’s corporate and investment banking division provides banking services to large corporations and financial institutions. That deal would end up at Banco Santander, even though it would be in the Spanish company’s London office, Moore said.

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