LONDON (Reuters) - The finance chief of Santander’s (SAN.MC) British arm resigned on Tuesday, citing the Spanish bank’s mothballed plans to spin off and separately list its British business in the near term.
Spain’s Santander has been considering a listing of its British bank for several years, but a restructuring of the UK business, regulatory changes and a change of leadership have combined to delay the process.
Santander UK said Stephen Jones would step down as chief financial officer at the end of October.
“I joined Santander UK in 2011 primarily to help prepare the company for an IPO. Given this will not now proceed in the near term, I have decided to take a career break and become reacquainted with my family,” Jones said in the statement.
Jones joined Santander in 2011 as head of strategy and regulatory affairs, and was promoted to finance chief in March 2012. He joined the Spanish bank from Barclays (BARC.L), where he was head of investor relations.
Santander said he will be replaced by Antonio Roman, currently its finance director in the UK.
Santander has said it remains its long-term intention to separate and list its British business, as it has done for its major overseas subsidiaries in Brazil, Mexico and the United States.
Reporting by Steve Slater; Editing by Sinead Cruise and Susan Thomas