Santander wins court to transfer Biz investment

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Law360, London (July 1, 2021, 4:22 p.m. BST) – Santander was granted court clearance on Thursday to transfer £ 3 billion ($ 4.1 billion) from merchant and investment banking activities at the local branch of its Spanish parent company, a move driven by Brexit and other regulatory changes.

High Court Judge Richard Snowden has approved the bank’s plan to conduct most of the business of its Santander Corporate and Investment Banking division out of the London branch by the end of 2021. The transfer is being made in accordance with the rules set out in the UK Financial Services and Markets Act. 2000.

Santander UK PLC’s corporate and investment banking division provides services to large corporations …

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