Santander UK appoints new CEO

Santander UK has appointed Nathan Bostock as its new chief executive officer, after Ana Patricia Botin was promoted to chairman of its parent company, Banco Santander.

Botin was named chairman of Banco Santander earlier in September, a day after the death of her father Emilio, while Bostock will take on his new role with immediate effect, the bank said in a statement on Monday.

“Nathan’s appointment provides Santander UK with continuity of vision and strategy,” group chairman Terence Burns said in a statement.

“He brings a strong understanding not just of Santander UK, having worked for us as an executive director up until 2009, but also of the wider UK banking industry, regulatory environment and economic climate.”

Bostock, who previously held various positions at Santander UK, returned to the British division of Europe’s biggest bank in 2013, just two months after he had resigned from his role as chief financial officer at Royal Bank of Scotland.

After Lloyds Banking Group, Santander UK are Britain’s second-biggest mortgage lender and its parent company said in July that, at least for the next 18 months, it had no plans to sell shares in its UK arm via an initial public offering.

Santander UK posted pre-tax profit of £545m in the first half of 2014, a 18% increase year-on-year.