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.