Global Corporate Banking customers
What ring-fencing means for you
Although some changes have been made 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.
Large corporate clients of Santander Global Corporate Banking continue, as far as is possible, to be served by our ring-fenced bank, Santander UK plc, although there are certain exceptions. Financial institutions covered by Santander Global Corporate Banking are now predominantly served by Banco Santander, S.A. (either directly or via the London branch) and not by Santander UK plc or by Abbey National Treasury Services plc.
To comply with ring-fencing legislation, existing products with relevant clients have been 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 has largely been emptied of business.
Going forward, Santander UK plc will be subject to significant limitations on the investment services and activities that it can provide to customers. While it continues 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. If you have products, transactions or arrangements that have moved 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.