Chair of Santander UK William Vereker, who has served in this role since 2020, has chosen to resign.
He said: “Santander UK has undergone a significant transformation since 2020 and it has been an honour to Chair its Boards during that time. I am immensely proud of the progress the business has made and of the team who have delivered it, as well as how we have delivered for customers. I am excited about how the business will continue to develop under the leadership of my successor. With the transformation well under way and having a strong CEO and a refreshed Board in place, now is the right time for me to step down.”
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This has shown a possible rift between him and the bank’s Spanish parent and its executive chair Ana Botin, according to the Financial Times. He has previously informed the board that he intended to step down later this year, according to people familiar with the matter.
On the other hand, Vereker told the FT that there had been no “personal rift” between him and Botín.
Santander UK restructure?
Furthermore, this departure comes at a time where Santander is considering an exit from the UK market, as the FT also reported.
Botín said in Davos last week: “We love the UK. It’s a core market and will remain a core market for Santander.”
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By GlobalDataSantander has being trying to change strategy for a number of years now. In 2023, the firm recruited over 4,500 professionals with digital skills to aid the group’s transformation.
The growing demand for these types of employees led to Santander launching a targeted recruitment strategy under the Be Tech! with Santander programme.
In March 2024, the bank laid off 320 positions in the US as part of a digital push.
However, there was an opening of an office by Santander Private Banking at Dubai International Financial Centre (DIFC), the financial hub in the Middle East, Africa, and South Asia (MEASA) region.
Santander Group’s expertise and worldwide private banking platform, along with DIFC’s elite infrastructure, reach to top talent, and legal and regulatory framework, will enable Santander Private Banking to start a sizeable team of senior private bankers in the DIFC.
This team will support existing clients while also expanding the bank’s tailored wealth management services to the emerging high-net-worth and ultra-high-net-worth communities in Dubai and the region.
