The FT reports that a sale of 20% of the UK business for £4bn would make Santander UK the sixth largest bank in the country by market value.
Group executive chairman Emilio Botin and father of CEO Ana Patricia Botin said the bank’s expansion plans in the UK and emerging markets will lessen its dependence on the Spanish market, which has suffered since its property bubble burst three years ago.
Previous plans for a UK flotation were delayed last year following continuing uncertainty in the financial markets.
The bank reported yesterday that profits fell by 8.5% to €8.18bn (£6.9bn) in 2010 largely due to write-offs for bad loans, a result of the property bubble in Spain.
However, profits from its expansion into emerging markets have offset part of the losses made during the financial global crisis.
