Santander looks at splitting car finance from rest of UK division
by Kalyeena Makortoff Banking correspondent from World news | The Guardian on (#6WSE9)
Review follows fallout from commission scandal, which could cost bank up to 1.9bn in compensation
The Spanish owner of Santander is reportedly considering splitting off its scandal-hit motor finance business from the rest of its UK business as part of a corporate shake-up that could make the bank more attractive to potential buyers.
Banco Santander has been reviewing the future of its UK business in recent months, amid mounting frustrations over regulations and costs. That includes the fallout of the growing car finance commission scandal, which analysts at RBC Capital say could cost the bank up to 1.9bn in compensation to its former borrowers.
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