September 19, 2018 / 5:11 PM / 2 months ago

Santander shifts assets out of London to ring-fence UK unit

MADRID, Sept 19 (Reuters) - Banco Santander UK has transferred 22.9 billion pounds ($30.1 billion) of assets and 20.7 billion pounds of liabilities to its Madrid-based parent group, the bank said, in a move to comply with new ring-fencing rules that come into force in 2019.

Banks operating in Britain must separate deposit-taking operations from riskier, investment banking before January 2019.

The assets shifted out of London represent 7 percent of Banco Santander’s British assets and 6.7 percent of its liabilities, according to the bank’s financial report for the first half of the year published on August 10. ($1 = 0.7598 pounds) (Reporting By Jesús Aguado; editing by Julien Toyer)

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