Santander UK - Santander Bank London

- Juni 18, 2015

Santander UK plc is a United Kingdom bank, wholly owned by the Spanish Santander Group. Santander UK plc manages its affairs autonomously, with its own local management team, responsible solely for its performance. Santander UK is one of the UK's leading personal financial services companies and one of the largest providers of mortgages and savings in the UK. The bank has circa 20,000 employees, 14 million active customers, with almost 1,010 branches and 50 corporate business centres.

The bank, with its head office in the London Borough of Camden, was established on 11 January 2010 when Abbey National plc was combined with the savings business and branches of Bradford & Bingley plc, and renamed Santander UK plc. Alliance & Leicester plc merged into the renamed business in May 2010.

Between 2007 and 2010, Santander was ranked as worst bank for customer service in the J. D. Power UK Retail Banking Satisfaction Study. However, its '123' product range was ranked third best in the UK in 2013 and in a moneysavingexpert.com poll in 2014 customers ranked their satisfaction higher than with any of other main high street banks.

In October 2011, Moody's downgraded the credit rating of 12 UK financial firms including Santander UK, blaming financial weakness. In June 2012, Moody rated Santander UK as being in a more financially healthy position than its parent company, Banco Santander. Less than 1% of Santander UK's business is held abroad.

Santander UK - Santander Bank London ~ Banking Terms Online Database



History

Origins

The three constituent companies--Abbey National, Alliance & Leicester and Bradford & Bingley--had roots dating back to 1849 as mutual building societies.

The National Freehold Land Society was established by two Liberal Members of Parliament, Sir Joshua Walmsley and Richard Cobden, in 1849. The Abbey Road & St. John's Wood Permanent Benefit Building Society was founded in 1874, based in a Baptist church on Abbey Road in Kilburn. The Abbey National Building Society was formed following the merger in 1944 of what had become Abbey Road Building Society (already the second largest) and National Building Society (at the time the sixth largest). It was the first to demutualise in 1989.

Bradford & Bingley Building Society was formed in 1964 as a result of the merger of the Bradford Equitable Building Society and the Bingley Permanent Building Society, both of which had been established in 1851. It was the last to demutualise, against the board's recommendation, in 2000.

Alliance & Leicester Building Society had its roots in the formation of the Leicester Permanent Benefit Society in 1852 which had changed its name to the Leicester Permanent Building Society by the time it started trading in 1853. The Leicester Building Society (which it had become in 1974 on its merger with the Leicester Temperance Building Society) merged with the Alliance (originally Brighton and Sussex) Building Society in 1985 and subsequently demutualised in 1997.

Establishment

Abbey National plc, trading as Abbey, was purchased by the Santander Group in 2004 for £9 billion. Santander purchased Alliance & Leicester in mid-September 2008, followed by the branches and savings business of Bradford & Bingley which had been nationalised by HM Government during the 2008 banking crisis.

Santander UK plc was formed by the renaming of Abbey National plc which also included the branch network and savings business of Bradford & Bingley plc on 11 January 2010. Formula One driver Lewis Hamilton unveiled the first rebranded Santander branch that day in central London. A further 300 Abbey and Bradford & Bingley branches in London and south east England were rebranded that day, with branches in the rest of the UK following by the end of the month, by which time there were 1,045 Santander branches. Alliance & Leicester plc merged into the bank on 28 May 2010, and was rebranded by the end of the year.

The bank retained the London headquarters of Abbey National and renamed other regional buildings under its own name. The Abbey name was retained initially for Abbey International (now Santander Private Banking), and Abbey for Intermediaries (now Santander for Intermediaries), the division of the bank offering Abbey branded mortgages provided by Santander UK plc. The charitable divisions of Abbey, Bradford & Bingley and Alliance & Leicester were brought together to form the Santander Foundation.

Due to the three-way merger, Santander has the unusual position of having more than one branch in many British high streets. In Northumerland Street, Newcastle upon Tyne, for example, there are three branches, which were formerly Abbey, Alliance & Leicester and Bradford & Bingley respectively. Plymouth city centre has four branches within 300 metres, two of which are adjacent to each other. In 2012, the bank began to reduce the number of duplicate branches, identifying 56 that would close. Staff in the branches selected for closure would be moved to other nearby branches.

Alliance & Leicester Commercial Bank merged into Santander's business banking division, Santander Corporate Banking, in 2009.

Recent years

On 9 March 2010, Santander sold the investment and asset management business James Hay to IFG Group for £35 million.

On 4 August 2010 it was confirmed that Santander would be purchasing the ex-Williams & Glyn's Bank branded English branches of the Royal Bank of Scotland Group, as well as the National Westminster Bank branches in Scotland, after much speculation. The deal collapsed on 12 October 2012.

In 2011 Santander put aside £538m to cover claims from customers for the misselling of payment protection insurance (PPI).

Santander has frequently been rated the worst bank in the UK for customer service, although by July 2011 had sought to improve, notably by returning call centre operations to the UK from India.

In December 2012, Santander reached an agreement to sell its store card business, which includes branded cards issued for retailers including Topshop, House of Fraser and Debenhams, to SAV Credit. The sale was completed on 13 May 2013, though Santander continued to service accounts on behalf of SAV Credit until 1 April 2014.

During 2014, the bank considered a initial public offering (IPO), expected to be completed within two years. In November 2014, the chief executive of the Santander Group admitted that an IPO would not be forthcoming until market conditions improved.



Services

The bank provides a full range of personal, business and corporate accounts, including current accounts, mortgages, credit products and savings and investments. Santander operate online banking services, including mobile apps, and operate an internet-only banking division branded Cahoot. Mortgages are also provided through Santander for Intermediaries, a division of the bank used by brokers.

Santander's Corporate and Commercial Banking division operates from a number of regional business banking centres across the UK. In May 2013, Ana Botin announced plans to double the number of centres to 70 within three years.

Santander UK is authorised by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the Prudential Regulation Authority. It is a member of the Financial Services Compensation Scheme, UK Payments Administration, Bankers' Automated Clearing Services (BACS), the Faster Payments Service, the Clearing House Automated Payment System (CHAPS), the Cheque and Credit Clearing Company and the British Bankers' Association.

The bank operates a branch on the Isle of Man, which is licensed by the Financial Supervision Commission. Santander's offshore banking subsidiary Santander Private Banking operates in Jersey.

Six-digit account sort codes are used in the range between 09-00-xx to 09-19-xx. Sort codes for accounts formerly held by Alliance & Leicester use the range 09-01-31 to 09-01-36.

In 2009 Santander launched the UK's first current account without fees (including unauthorised overdrafts) for its current and future mortgage customers. Customers are not charged fees for using Santander's automated teller machines in Spain, which traditionally would incur fees for transactions in a foreign currency.

Santander Bank | Welcome to NewGround


Sponsorships

Santander has sponsored the McLaren Formula One team since 2007, and is also the title sponsor of the British Grand Prix. Santander said its sponsorship of McLaren had raised its brand awareness in the UK from 20 to 82 percent. The bank announced a second team sponsorship, with Scuderia Ferrari, in 2009.

Golfer Rory McIlroy signed a sponsorship agreement with the bank in September 2011, and in 2013 it was announced that British athlete Jessica Ennis-Hill would become a brand ambassador.

In February 2015, Santander was announced as the new sponsor of Transport for London's bicycle hire scheme, branded as Santander Cycles. Santander replaced Barclays as title sponsor.

Santander UK - Santander Bank London ~ Banking Terms Online Database


See also

  • Banking in the United Kingdom
  • List of banks in the United Kingdom
Bank on your bike | Kensington, Chelsea & Westminster Today


References

Santander Select | Allen International


External links

  • Official website
  • Santander Corporate and Commercial Banking
  • Santander Private Banking
  • Santander Foundation


Interesting Informations

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