Shake-up continues at Santander as deputy UK boss leaves

·Senior City Correspondent, Yahoo Finance UK
·2-min read
Outgoing Santander UK chief executive Nathan Bostock. Photo: Santander
Outgoing Santander UK chief executive Nathan Bostock. Photo: Santander

Santander has announced the departure of another senior leader at its UK business, part of a shake-up in leadership and operations.

Santander said on Wednesday that deputy UK chief executive Tony Prestedge had stepped down from the bank's board and executive committee and would be leaving the business shortly.

Prestedge's exit follows news of UK chief executive Nathan Bostock's departure. The bank said in April that Bostock was leaving to take up the new role elsewhere within Santander overseeing investments and reporting to group chairwoman Ana Botin.

Read more: Santander to shut 111 branches and make Milton Keynes new HQ

A spokesperson for Santander declined to comment on Prestedge's exit. The search for Bostock's successor is understood to be ongoing, with both internal and external candidates being considered.

Prestegde is the third senior leader at Santander UK to leave this year. The bank announced the departure of Susan Allen, chief executive of retail and business banking, at the same time as Bostock's move.

Santander announced a wide ranging overhaul of its UK business in March. The Spanish bank said it would permanently close 111 branches, shut regional offices, and move its UK headquarters from London to Milton Keynes. The bank said on Wednesday it had made a £71m profit on the sale of its headquarters to its Spanish parent company.

News of Prestedge's departure came as Santander UK reported a strong half year performance. Income rose 23% to £2.2bn and pre-tax profits trebled to £751m. The bank was buoyed by a surging UK property market, which boosted its mortgage business.

Read more: Barclays profits quadruple as bank reinstates dividend

"We have delivered another strong financial performance while continuing to support our customers, colleagues and communities through the challenges of the pandemic," Bostock said in a statement.

"Looking ahead, while we are encouraged by the UK's strong economic recovery, uncertainty remains as we enter a new phase in the pandemic. 

"The strength of our business, underpinned by our prudent approach to risk, means we are well positioned to grow and to continue to support our customers, fulfilling our purpose to help people and businesses prosper."

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