Shake-up at Santander sparks search for new UK chief

·1-min read
Santander (PA Archive)
Santander (PA Archive)

A MANAGEMENT shake-up at Santander sees long-standing UK boss Nathan Bostock take on a wider group role and the well-regarded Susan Allen quit the bank.

That leaves Santander in need of a new UK CEO, prompting talk that Allen, the boss of retail and business banking, didn’t think she was a candidate.

Bostock, a quietly spoken CEO for seven years, becomes head of investment platforms at Banco Santander. He reports to executive chairman Ana Botin, perhaps the most powerful woman in European banking.

Santander’s UK business was built through acquisitions, mostly of failing former building societies such as Alliance & Leicester. Lately, the results have been more positive.

Bostock said he is “incredibly proud to have led Santander over the last seven years”.

Allen said “now is the right time for me to take on a new challenge”.

The UK chairman William Vereker, an investment banker and former business envoy for then PM Theresa May, says Santander remains “at the very heart of our local communities” and is “now extremely well positioned to succeed in the future”.

Santander has lately been using ITV stars Ant and Dec in its advertising.

Santander UK reported pre-tax profits jumping to £184 million in the first quarter, up from £114 million a year earlier.

The group saw a sharp drop in provisions for loans expected to turn sour due to the fallout from the pandemic, at just £5 million against £165 million a year ago.

It was also boosted by £1.5 billion of net mortgage lending growth as the stamp duty holiday spurred on a surge in applications at the end of last year.

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