Santander will reduce the capitalization of its British investment-banking business by GBP2.3 billion, as a preliminary step toward transferring these activities to other divisions in the U.K. and in Spain, newspaper Expansion says, citing unnamed sources at Santander U.K.
--According to Expansion, the operation will leave Santander's U.K. wholesale-banking division--Abbey National Treasury Services--with capital of around GBP250 million.
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--Abbey National's operations with small businesses will be transferred to the U.K. SME division, while the global markets and large multinationals business will be folded in to Santander Spain's subsidiary in London, says Expansion.
--Santander says the move won't lead to job transfers nor impact the bank's capital ratio, and it expects to complete the restructuring by July, according to Expansion's sources.
Full story in Spanish: http://bit.ly/2mMGKbo
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(END) Dow Jones Newswires
January 17, 2018 03:17 ET (08:17 GMT)