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Santander UK is reportedly considering former Treasury chief Tom Scholar as its new chair following William Vereker's resignation in January. The bank is currently facing profitability challenges and is in the process of closing 95 branches, impacting 750 jobs. Santander has not confirmed Scholar's appointment, stating that a thorough selection process is underway.
Sir Tom Scholar, the former Treasury chief dismissed by Liz Truss, is poised to become the new chairman of Santander UK, pending regulatory approval. His appointment comes amid speculation about the bank's future, including potential mergers, although Santander's group executive chair has indicated the UK remains a core market. Scholar, respected for his role during the 2008 financial crisis and the COVID-19 furlough scheme, will collaborate with CEO Mike Regnier if confirmed.
Santander reported strong Q1 results, with executive chair Ana Botín expressing confidence in increasing profitability by 2025 despite challenges from recent US tariff announcements. Speculation about the bank's future in the UK has grown following a significant drop in profits and the upcoming resignation of the UK chairman, although Botín denied any plans to exit the market. The bank's transformation strategy, ONE Transformation, aims to enhance customer experience and operational efficiency amid a challenging global economic outlook, projected to grow at just 3.1% over the next five years.
Ana Botin, head of Santander, reassured that the UK operations are not for sale, emphasizing their importance and profitability despite recent leadership changes and regulatory challenges. As she approaches her 65th birthday, Botin remains committed to her role, aiming to enhance the bank's performance amid scrutiny over its share price and strategic direction.
William Vereker
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santander uk considers tom scholar for chairman position amid branch closures
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