Santander has confirmed it will float up to 20% of its UK business on the London Stock Exchange in the first half of 2011.
Santander’s chief executive, Alfredo Sáenz, confirmed the move yesterday, which will replicate the group’s $7bn flotation of Santander’s Brazilian division last year.
According to a report in the Financial Times, analysts have predicted that Santander UK would be worth around £20bn, making it the country’s sixth largest bank by market value.
A 20% listing of Santander UK is expected to generate around £4bn and would be the largest British initial public offering since the financial crisis hit the country.
Santander has reportedly been considering floating part of the UK business since the summer.
