The U.K. arm of the giant banking group Santander is reviewing
the future of its Jersey-based private banking arm days after rival
HSBC Holdings PLC (HBC) was accused of using its business there to
provide accounts to convicted criminals, Sky News reports
Friday.
Santander UK has begun sounding out prospective buyers of
Santander Private Banking Jersey, a business it inherited from its
takeover of Abbey in 2004, it says in an exclusive report.
The unit manages approximately 4 billion pounds ($6.34 billion)
of deposits and tens of thousands of customers, according to
insiders. The Spanish-owned lender has hired Gleacher Shacklock, an
advisory firm, to gauge the appetite of potential bidders for its
Jersey division.
People close to the situation said that Santander UK hadn't
committed to a sale, but was exploring a series of options that
included changing the structure of the business or retaining it in
its current form. It had previously conducted a similar exercise
for its Isle of Man private banking division and elected to retain
the unit, people close to the bank said.
Potential buyers of the division could include the owners of
other large private banking businesses such as Investec PLC
(INVP.LN) or Kleinwort Benson, the report says, adding that
Santander UK declined to comment.
Full story:
http://news.sky.com/story/1012452/exclusive-santander-uk-plots-jersey-sale
-Write to London bureau at generaldesklondon@dowjones.com
