Santander to create digital -only SME bank with payrolls and pension support
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Santander UK is poised to launch a standalone digital unit in the next few months aimed at the UK’s small and medium-sized enterprises, according to reports.
The Sunday Telegraph has reported that the Spanish giant’s new unit will offer smaller firms lending but also other services, such as help with payrolls and pensions.
The business banking service was first outlined in October, one of four independent “speedboat” digital units being developed by Santander, but no details on where it was to be based were revealed.
Santander is one of several smaller banks competing for an £833 million fund that RBS is being made to hand over to boost competition in the business banking sector.
A bank spokesman told the newspaper: “We are working on a project to build an open digital financial services platform for SMEs We look forward to sharing more about the platform soon.”
Another of the “speedboats”, Openbank, could also arrive in the UK, following a successful launch in Spain, where it already claims 1.3 million customers.
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