Santander UK’s finance chief quit in a huff yesterday, citing frustration at delays in the Spanish lender’s plans to list its British business on the stock market.
Santander has held up plans to sell shares in its British bank following changes in financial regulation and a restructuring of the UK business.
Jones had spent almost three and half years in the post, after being promoted from his job as head of regulatory affairs in March 2012. He joined the bank from Barclays in 2011.
“I joined Santander UK in 2011 primarily to help prepare the company for an IPO,” Jones said in an emailed statement. “Given this will not now proceed in the near term, I have decided to take a career break and become reacquainted with my family.
Nathan Bostock, the bank’s UK chief executive, said Jones “has laid a solid groundwork for our future, for which we thank him. We will miss him and wish him well in his future.”
The reasons for the listing delay might not be all to do with new bank rules. The FT reports that Santander group CEO Ana Botin isn’t a fan of the idea and nor is Jones’s replacement — Antonio Roman.