"With the transformation well under way and having a strong CEO and a refreshed Board in place, now is the right time for me to step down."
- William Vereker
Santander UK's Board Chair has announced his departure from the bank.
Santander confirmed that William Vereker, who took up the role in 2020, will step down during the course of 2025 "once a thorough appointment process and orderly handover have been completed".
His departure comes amid speculation over Santander's future in the UK, with Banco Santander reportedly reconsidering its presence in Britain, two decades after entering the market with its acquisition of Abbey National.
A source said Santander's review was part of a regular assessment of its major businesses which could result in a variety of outcomes in the UK, including scaling back its business in the UK or exiting the market altogether to focus on bigger growth regions such as the United States.
Although the report stressed that "no deal or announcement was imminent and that the review was at an early stage", a former executive at Santander reportedly said that it had “always been a possibility” that Ana Botín, executive chair of Banco Santander, would decide to sell the ringfenced bank.
However, Botín later dispelled the reports while speaking at the World Economic Forum. She said: "We love the UK. It's a core market and will remain a core market for Santander. The UK has a huge opportunity because it can move faster. The UK does not have to agree with 27 countries now.
She added that "the army of investment bankers that want to get fees... start looking at M&A, they start looking around. It's definitely not coming from us".
However, the news of Vereker's departure has fuelled more speculation over Santander UK's future plans, despite Botín stating that his work "will make the UK a core part of the Group's success in the years to come".
In a press release issued today, Botín 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."
William Vereker commented: "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 under way and having a strong CEO and a refreshed Board in place, now is the right time for me to step down."
