Santander has seemingly endorsed its commitment to the UK economy by announcing a significant boardroom change. After a year of speculation that Santander might consider withdrawing from the UK market, the bank has bolstered its dedication to the country.
The company has confirmed the appointment of Sir Tom Scholar as an Independent Non-Executive Director and Chair Designate. Tom has joined the Board with immediate effect and will succeed William Vereker as Chair on August 1, 2025, at which point Mr Vereker will stand down.
Ana Botin, Santander Group Executive Chair, commented: “Tom’s experience and insight from his time in Whitehall, the IMF, and the World Bank will be of huge value.
“And I am delighted to welcome him to Santander UK. He joins us at an exciting time for the UK business as we continue to drive forward our transformation programme and integrate Santander UK with the group’s global platforms.
“On behalf of the Group Board, I would also like to express my thanks for William’s exceptional contributions throughout his tenure.”
Ms Botin continued, according to Birmingham Live : “He helped to guide the bank through one of the most challenging periods faced by the financial sector in recent years and has ensured it is now well placed to build on the momentum generated over the last year.”
Sir Tom Scholar said: “I am delighted to be joining Santander UK, and look forward to supporting the Board and the Executive Committee as they lead the bank through the next stages of its transformation.”
Santander boasts “14 million active customers” in the UK, as stated on their website. Tom, a former distinguished Senior Civil Servant, dedicated most of his career to HM Treasury.
His prominent roles included Second Permanent Secretary during the Financial Crisis and subsequently serving as Permanent Secretary for six years until 2022.
Between 2001 to 2007, he contributed to the IMF and World Bank, prior to his tenure as Chief of Staff and Principal Private Secretary to the Prime Minister from 2007 to 2008.
Competition for Santander comes from NatWest, HSBC UK, Lloyds, Barclays, and not forgetting Halifax and Nationwide. The bank serves 7 million digital patrons through a 444-strong branch network across the nation, bolstered by telephone, mobile, and online banking services.
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