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Santander UK float rocked by chief’s exit

first_imgWednesday 3 November 2010 10:08 pm Tags: NULL SANTANDER faces an uphill struggle to float its UK operations successfully on the London Stock Exchange next year, after chief executive António Horta-Osório’s shock defection to Lloyds Banking Group.Santander – which last night confirmed it had appointed Ana Patricia Botín, daughter of veteran group chairman Emilio Botín, to replace Horta-Osório – confirmed last week that it would float a 20-25 per cent stake in its UK business in a deal which could value the entire entity at up to £20bn.That valuation, and the timing of the IPO, has now come under threat from the departure of Horta-Osório, who has built up a large investor fan base while at the helm because of his smooth handling of the integration of Abbey, Alliance & Leicester and Bradford & Bingley.“This would appear poor timing for Santander, which might struggle to IPO [with] an unfamiliar chief executive,” said Bruce Packard, an analyst at Seymour Pierce.Horta-Osório confirmed yesterday in a conference call with Lloyds management that Santander was aware that he would resign prior to announcing its IPO last Thursday.Sources close to the bank yesterday said the flotation would go ahead as planned, though some hinted that it may have to be delayed in order to put the group on a more stable footing before submitting it to the mercy of nervous investors.“Santander’s board said last week that they intend to do the IPO in the early part of next year, but they were building in some flexibility anyway with regard to market conditions,” one said. “That flexibility will clearly remain in place with regard to the chief executive’s departure.”ANA PATRICIA BOTÍNINCOMING CHIEF EXECUTIVE OF SANTANDER UKWHEN Ana Patricia Botín, the Spanish ice-queen daughter of Santander’s group chairman Emilio Botín, steps up to become chief executive of Santander’s UK operations, she will become the first female boss of a large City bank.Far from using her father’s influence as a crutch to help her up the career ladder, Botín has built a reputation for being a ruthless businesswoman in her own right. Ranked 38th on this year’s Forbes list of the world’s most powerful women, she studied in the US at Harvard and spent many years working in investment banking for JP Morgan in New York, before returning to Spain to help Santander pursue its notoriously aggressive global expansion.She has been executive chairman of Banesto, a sprawling domestic Spanish bank controlled by Santander, since 2002 and has increasingly been seen as the natural successor to replace her 76-year-old father at the helm of the group when he eventually steps down.She is a scion of Spain’s most successful banking family, with her great-grandfather first taking the helm of Santander in 1909.CV | ANTONIO HORTA-OSÓRIO1993Joins the Santander group from Goldman Sachs as chief executive of Banco Santander de Negocios Portugal, the investment banking arm of Santander Totta.1999Becomes chief executive of the whole of Santander Totta.2006Joins the UK arm of Santander as chief executive, later leading its acquisitions of Abbey, Alliance & Leicester and Bradford & Bingley.2009Appointed as a non-executive director to the Court of the Bank of England.March 2011Will become chief executive of Lloyds Banking Group to replace retiring CEO Eric Daniels, having stepped down from Santander at the end of 2010. whatsapp KCS-content whatsapp Show Comments ▼ Share Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndoAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteUndothedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comUndoReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter CenterUndoMartha Stewart CBDShop Martha Stewart’s CBD Products NowMartha Stewart CBDUndo Santander UK float rocked by chief’s exit last_img read more

Housebuyers hit by fewest mortgage loans for 19 months

first_img KCS-content Share whatsapp Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was The Dream Girl In The 90s, This Is Her NowMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.com Housebuyers hit by fewest mortgage loans for 19 months More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comWhy people are finding dryer sheets in their mailboxesnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comcenter_img whatsapp MORTGAGE approvals hit a 19-month low in October, according to figures released yesterday by the British Bankers’ Association (BBA).The number of mortgages fell for the fifth consecutive month, sinking to 30,766 – the lowest since March 2009, down from 31,058 in September.Lending for house-buyers is now half the level of before the crisis. Until August 2007, the BBA’s monthly figures would regularly hit 60,000. October’s approvals are down 26.9 per cent on the previous year, according to IHS Global Insight’s Howard Archer. The weakness of the UK housing market was further reflected by a fall in gross mortgage lending to £7.6bn, the lowest total since February 2001 and 16.1 per cent lower than a year ago.While net lending for house purchases edged up to £1.7bn (from £1.5bn in September) this is still below the monthly average for 2010, which exceeds £2bn. Prior to the credit crunch, net lending would hit £6bn in some months.The figures pour more misery on the housing market after mortgage data from earlier this month showed a similar decline. Approvals were down two per cent on September according to chartered surveyors e.surv.Yet there is not equal doom and gloom across the market. “Beneath the surface there is a real two-speed market in operation,” explained e.surv’s Richard Sexton. “Approvals are up for the most expensive properties. The flip side is that approvals for cheaper properties have fallen dramatically.” Tuesday 23 November 2010 8:48 pm Tags: NULLlast_img read more