Santander UK PLC is a British bank, and a subsidiary of the Spanish Santander Group. It was established in 2010 when Abbey National plc was renamed Santander UK plc following the acquisition of Abbey by the Santander Group in 2004.
Santander UK PLC offers a wide range of financial products and services to personal, business and corporate customers, including savings and current accounts, credit cards, mortgages, loans, insurance, investments and pensions. It has over 14 million active customers and operates through a network of around 600 branches across the UK, as well as through online and mobile banking platforms.
The bank is regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) in the UK.
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As of 2021, Santander UK PLC is one of the largest banks in the UK, with assets of over £300 billion and a workforce of around 20,000 employees.
The bank operates under several brands in the UK, including Santander, Cahoot, and Cater Allen. It also has a partnership with the retailer Morrisons to offer financial services under the Morrisons Bank brand.
Santander UK PLC has been recognized for its customer service, winning several awards over the years. In 2020, it was named "Best Bank in the UK" by Euromoney magazine.
The bank has a strong commitment to sustainability and has set several environmental and social targets. For example, it aims to achieve net-zero carbon emissions by 2050 and to provide £3 billion in funding to support renewable energy and clean technology.
Santander UK PLC is part of the wider Santander Group, which operates in over 40 countries worldwide. The Santander Group is one of the largest banking groups in the world, with over 145 million customers and more than 200,000 employees.
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Santander UK PLC offers a range of digital banking services, including online and mobile banking, as well as a digital investment platform called Santander Investment Hub.
The bank has a strong focus on innovation and technology, and has established partnerships with several fintech companies to offer new products and services to its customers. For example, it has teamed up with the mobile payments company PayByPhone to offer customers a mobile parking payment service.
Santander UK PLC has a strong presence in the mortgage market, offering a range of products for first-time buyers, home movers, and buy-to-let investors. It also has a dedicated mortgage intermediary business called Santander for Intermediaries.
The bank has a range of community initiatives and partnerships, including a partnership with Age UK to provide financial education and support to older people, and a programme called Santander Universities that provides funding and support to universities and students.
In recent years, Santander UK PLC has undergone a significant transformation programme to improve its efficiency and customer experience. This has included the closure of several branches and the consolidation of its back-office operations.
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In 2020, Santander UK PLC announced plans to close 111 branches across the UK as part of a cost-cutting drive. The bank cited changing customer habits and the impact of the COVID-19 pandemic as reasons for the closures.
Santander UK PLC has faced regulatory action in the past over issues such as mis-selling of payment protection insurance (PPI) and failing to properly disclose information to customers. In 2018, the bank was fined £32.8 million by the FCA for failing to effectively manage its financial crime risks.
The current CEO of Santander UK PLC is Nathan Bostock, who has held the position since 2018. Bostock has over 30 years of experience in the banking industry, having previously held senior roles at RBS and Lloyds Banking Group.
Santander UK PLC has been impacted by the COVID-19 pandemic, with the bank reporting a drop in profits in 2020. However, it has also implemented a range of measures to support its customers, including payment holidays on mortgages and loans, and offering financial support to small businesses.
Santander UK PLC has a strong commitment to diversity and inclusion, and has set several targets to improve its representation of women and people from ethnic minorities in senior roles. The bank also supports several community initiatives aimed at promoting diversity and social inclusion.
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In 2021, Santander UK PLC announced plans to launch a new digital banking platform aimed at younger customers. The platform, called "PagoFX," will allow customers to make international money transfers quickly and easily.
The bank has a strong focus on responsible banking and has set several targets to support the United Nations Sustainable Development Goals (SDGs). For example, it has pledged to reduce its greenhouse gas emissions by 50% by 2030 and to increase its funding for renewable energy and clean technology.
In 2020, Santander UK PLC announced plans to invest £1.2 billion in digital transformation over the next three years. The investment will be used to improve the bank's digital platforms and to upgrade its IT infrastructure.
Santander UK PLC has a range of partnerships with sports organizations, including sponsoring the Santander Cycles bike-sharing scheme in London and being the official bank of the UEFA Champions League.
The bank has a strong commitment to financial education and has established several initiatives aimed at improving financial literacy among young people. For example, it runs a programme called "The Money Plan" that provides financial education and support to schools and colleges across the UK.
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Santander UK PLC offers a range of business banking services, including loans, credit cards, and cash management services. It also has a dedicated business banking portal called "Santander Connect," which allows business customers to manage their accounts and transactions online.
In 2021, Santander UK PLC launched a new service called "Santander Trade," aimed at helping UK businesses to expand internationally. The service offers support and advice on issues such as exporting, importing, and customs regulations.
Santander UK PLC is part of the wider Santander Group, which was founded in Spain in 1857. The Santander Group is one of the largest banks in the world, with operations in Europe, Latin America, and the United States.
In 2021, Santander UK PLC announced that it would be closing all of its remaining in-branch counters, as more customers are using digital banking services. The bank said that the move would allow it to invest more in its digital platforms and improve its customer experience.
Santander UK PLC has a range of initiatives aimed at promoting sustainability and environmental responsibility. For example, it has established a green bond framework to support its funding of renewable energy and clean technology, and has set targets to reduce its paper consumption and increase its use of renewable energy.
The bank has a range of community initiatives and partnerships aimed at supporting social inclusion and economic development. For example, it runs a programme called "Social Enterprise Development Awards" to support social entrepreneurs, and is a partner of the Prince's Trust charity, which supports young people to develop their skills and start their own businesses.
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