Banco Santander SA‘s frustrations with its UK operations are mounting, with job cuts and a costly review of car finance last week just the latest headaches for executives as they make other countries a priority.

Spain’s most valuable bank became a household name in the UK with the 2004 acquisition of building society Abbey National, in a deal which Emilio Botin, then chairman of Santander, said , “would strengthen our pan-European franchise” and give the bank “a more balanced profit stream”. »