1027 GMT - A deal that would see Santander exit the U.K. is unlikely to materialize before the U.K. motor ruling as this would embed a large valuation discount, Jefferies says in a research note. The Financial Times reported that the Spanish bank is considering options for its operations in the country--which it entered in 2004--and Santander responded saying the U.K. it a core market for the group. "Whilst it is not a secret that Santander's [return on investment] in the U.K. has been below expectations for almost two decades, diversification from its large [emerging markets] exposure has always been an argument for staying put, not to mention an exit would require both a buyer and the regulatory visibility for further intra-market consolidation in the U.K.," analyst Inigo Vega writes. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
January 20, 2025 05:27 ET (10:27 GMT)
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