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Santander moving out of asset finance

Santander in the UK is pulling out of the asset finance market from the end of 2019 and will wind down all its funding in that market. This is due to major cost cuttings across the global operations but much of the cost cutting is said to be in occurring in the UK. This is not good news for Santander’s corporate and business offering as other providers of asset finance who have a full-service offering are likely to try to move in on the other Santander bank offerings once the new providers start to fund their asset finance lines. Seems a bit short sighted to me given most high street banks try to offer a full service offering to their business clients.

 

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