April 26, 2017 / 11:18 AM / a year ago

Banco Santander sees less impact from Brexit on its UK business

MADRID, April 26 (Reuters) - Banco Santander is more confident now that Britain’s decision to exit the European Union will not have a direct impact on its British business, Chief Executive Jose Antonio Alvarez said on Wednesday.

“Initially the perception was very negative for growth ... so far this has not materialized, growth has been good and the impact on volumes has been immaterial,” Alvarez said.

“Now we are more confident that there will less direct impact on volumes and results,” he told reporters at a news conference to present the Spanish bank’s first-quarter results.

Britain is Santander’s second largest market. (Reporting by Angus Berwick and Jesus Aguado)

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