Global Corporate Banking customers
What ring-fencing means for you
Although some changes are required to implement our ring-fencing plan, Santander Global Corporate Banking is committed to providing clients with access to the same range of products and services as they have today.
Under our ring-fencing model, large corporate clients of Santander Global Corporate Banking will continue as far as is possible to be served by our ring-fenced bank, Santander UK plc, although there will be certain exceptions. Financial institutions covered by Santander Global Corporate Banking will be served predominantly by Banco Santander, S.A. (either directly or via the London branch) and not by Santander UK plc, our ring-fenced bank, or by Abbey National Treasury Services plc.
To comply with ring-fencing legislation, existing products with relevant clients will be transferred to Santander UK plc or to the London branch of Banco Santander, S.A. depending on the nature of the product and the categorisation of our clients. Abbey National Treasury Services plc will be emptied of business.
Going forward, Santander UK plc, our ring-fenced bank will be subject to significant limitations on the investment services and activities that it can provide to customers. While it may continue to provide some simpler wholesale and investment products, it will not provide some of our more complex products. In addition, there are restrictions on the credit exposures allowed (e.g. through extending loans) to financial institutions or to certain corporate customers that are treated under ring-fencing legislation as being a financial institution. Products that Santander UK plc cannot provide will be made available, as far as is possible, from other parts of the Santander Group.
If you’re a client of Santander UK plc and/or Abbey National Treasury Services plc who is affected by our plans, we’ll already have been in direct contact with you to explain what this means for you and how we propose to effect the necessary changes. If you have products, transactions or arrangements moving to the London branch of Banco Santander, S.A. (SLB) and need to onboard SLB as a counterparty you can find all the information you need here.