Santander confirms flotation plans

Spanish bank Santander has confirmed it is to float part of its UK business on the London Stock Exchange.

The group is in the process of floating up to 20% of Santander UK, Alfredo Saenz, the bank’s chief executive, confirmed yesterday.

According to the Financial Times, the bank’s UK business would be worth about £20 billion, making it Britain’s sixth largest bank by market value. (article continues below)

The flotation will replicate last year’s £4.4 billion flotation of the bank’s Brazilian subsidiary.

It first emerged Santander was looking to float on the stock exchange in September as a means to raise capital after a period of expansion in Europe.