Yahoo Finance Santander's UK CEO made £4.6m last year
Santander’s (BNC.L) boss in the UK took home a pay package worth £4.6m last year, according to the bank’s annual report.
Nathan Bostock, who has run the Spanish bank’s British arm since 2014, had a base salary of £1.6m in 2018 and earned a bonus worth £2.3m. Pension contributions were £588,000 and Bostock had £50,000-worth of taxable benefits, the report shows.
While Bostock’s base salary increased slightly, his pay package declined from £4.7m in 2017. This reflected a fall of just over £100,000 in his bonus.
“Our management team has delivered solid business performance this year, delivering for our shareholders, people, customers and communities,” Santander UK’s renumeration committee wrote in the annual report, which was published on Wednesday,.
“The continued progress made towards our strategic and operational goals (including the establishment of the ring-fence bank) was achieved despite the competitive and uncertain environment.”
Santander UK’s income fell by 7% to £4.5bn last year and pre-tax profit declined by 14% to £1.5bn. The bank said the decline in income was largely due to lower new mortgage margins, non-repeated one-off gains in the prior year, and changes in overdraft regulation.
Much of 2018 was taken up by ensuring Santander ring-fenced its UK retail bank by the 1 January 2019 deadline set as part of post-financial crisis regulation.
“Ring-fencing has been the biggest project that we have ever undertaken, involving significant effort over a number of years,” the bank wrote in its strategic report.
“In total, it has cost £240m and at its peak around 1,000 people were working to ensure the business was ready in time. We have now successfully completed all the required transfers and operational changes without disruption for our customers.”
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Oscar Williams-Grut covers banking, fintech, and finance for Yahoo Finance UK. Follow him on Twitter at @OscarWGrut.
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