Santander UK Chair steps down amid speculation of bank’s British future

Santander sign on a building.
Credit: chrisdorney / Shutterstock.com

Santander UK has initiated a search for a new Chair after Willian Vereker indicated his intention to vacate the position at an unspecified time this year.

The Spanish multinational bank revealed this week that Vereker will step down as Board Chair of Santander UK plc and Santander UK Group Holdings plc ‘once a thorough appointment process and orderly handover have been completed’.

Vereker’s planned resignation comes amid media speculation around Santander’s future in the UK. Reuters reported last week that the bank was considering its future in the UK as part of a routine strategic review.

However, the bank responded to these reports with a simple statement asserting that “the UK is a core market for Santander and this has not changed”. The bank has over 400 branches across the UK and reported operating income of over £5bn with profit after tax of £1.5bn in 2023.

Commenting on his departure, Vereker said: “Santander UK has undergone a significant transformation since 2020 and it has been an honour to Chair its Boards during that time.

“I am immensely proud of the progress the business has made and of the team who have delivered it, as well as how we have delivered for customers. I am excited about how the business will continue to develop under the leadership of my successor.

“With the transformation well underway and having a strong CEO and a refreshed Board in place, now is the right time for me to step down.”

Vereker joined Santander’s Board in October 2020 and has been Chair since 1 November of that year. The start of his tenure came in the middle of the COVID-19 pandemic, a challenging period for the UK banking sector and various other industries.

The bank has faced other challenges over the past couple of years, such as a substantial fine for failing to meet regulatory requirements around AML in 2022 – though it is important to note that these failures occurred years prior to Vereker joining the Board.

Additionally, as the abovementioned figures show, Santander UK has strong positive trading while being actively involved in UK finance sector innovation initiatives like the Regulated Liability Network (RLN).

Ana Botin, Banco Santander S.A. Group Executive Chair, said: “The Group Board is very grateful for the invaluable role William has played in steering the UK bank through some of the most challenging circumstances in recent times.

“Under his stewardship, Santander UK has navigated COVID and a difficult economic environment to provide the support its customers, clients and people needed.

“He has overseen the essential transformation of the business that will make the UK a core part of the Group’s success in the years to come. We wish him well for the future.”