Banco Santander (SAN) is planning a reorganization of its UK operations by separating its consumer finance arm from its unit Santander UK, Bloomberg News reported Tuesday, citing sources with knowledge of the matter.
Motor finance division, which is dealing with a high volume of complaints, will be part of the separate business from Santander UK, the media outlet reported. The bank is reportedly seeking regulatory approval for the move.
The company is also reviewing options for its majority stake in its Polish unit, including a possible sale, according to Bloomberg.
Santander declined to comment to MT Newswires. Shares were up about 3% in recent trading.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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