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Santander controls 20% of the UK mortgage market

Santander, the Spanish financial conglomerate which has significant exposure in the UK, recently announced it was behind 20% of all mortgages written in the UK during the first three months of 2010. This is a significant increase in business and bodes well for the future of the Spanish giant which has exposure to the UK via its Abbey and Alliance and Leicester operations. It seems as though the decision to rebrand many operations under the Santander banner has paid dividends, at least in the short-term.

There are many who believe that traditional UK banks have been tainted by the fallout from the economic troubles in the UK and the fact that UK taxpayers were forced to inject billions upon billions of pounds into the system. The fact that Santander has for some time traded in the UK under the Abbey and Alliance and Leicester brand names appears to have been ignored by many UK consumers. Whether this is one of the main reasons behind the increase in mortgage activity for the group as a whole is debatable but a new name and a new face in the UK banking arena has obviously gone down well. Is Santander a real force to be reckoned with in the UK in the future?

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