Santander’s UK chair William Vereker stepped down last week amid speculation about the British arm’s direction. The UK has been a headache for the global bank, having to put £295million to ...

Spanish banking giant Santander announced record annual profits for a third consecutive year on Wednesday as a strong ...

But Santander UK chair William Vereker has announced he will leave his post this year, a decision which business media attributed to disagreements with Botin.

Santander UK faces more job cuts after a 38% fall in full-year profits, amid mounting regulatory pressures, a costly motor finance scandal, and speculation over a possible sale of its British arm.

Santander cut mortgage lending by £8bn last year as it maintained a “disciplined pricing” policy over the previous 12 months.