Santander UK chairman William Vereker is quitting his post as rumours swirl that the Spanish banking giant may be preparing for an exit from the UK.
Santander UK serves approximately 14 million active customers, including 7 million digital customers, through various channels such as a 444 branch network, telephone, mobile, and online banking.
The bank faces a number of immediate challenges, including a potential £250 million redress bill for misselling car financing loans, declining mortgage sales and concerns about regulatory constraints, particularly the UK's ring-fencing rules.
Vereker's departure comes after a four-year tenure, during which time he steered the bank through the Covid pandemic and kickstarted a digital transformation programme.
His sudden departure has prompted speculation of a rift between himself and the Spanish giant's boss Ana Botin over the future direction of the business.
Vereker has rebuffed the rumours, telling the Times: “There is no substance to any suggestion of a rift between myself and Ana Botín. This is the right time to step down and I’ll remain in post as we find a strong successor and work towards an orderly succession.”
In the meantime, Santander executives are sticking to an agreed party line that the UK remains a core market - for now.
The process to appoint a new chair is currently being conducted by the Santander UK Board.