Santander appoints head of Yorkshire BS as new boss

Santander, UK’s fifth largest bank, prepares to appoint Yorkshire Building Society head as new boss

Mover: Chief executive Mike Regnier

Santander, the UK’s fifth largest bank, is preparing to appoint the head of the Yorkshire Building Society as its new boss.

Mike Regnier will replace Nathan Bostock as chief executive, the Mail on Sunday said.

Regnier joined Yorkshire, the UK’s third largest construction company, in 2014 and has held his senior position for five years. He was previously a senior banker at Lloyds, overseeing personal checking accounts and credit cards, and was also a product director at TSB.

The eagerly-watched appointment comes after heir Tony Prestedge suddenly left the bank in July under mysterious circumstances — having joined as deputy CEO in September 2020 when Baroness Shriti Vadera was chairman. He previously held the same position at Nationwide.

Prestedge was widely expected to replace 61-year-old Bostock, who has held the most senior position since 2014.

Prestedge’s shocking departure was a blow to the search process, led by William Vereker – a former business envoy of ex-Prime Minister Theresa May – who took over Santander’s presidency in November 2020.

Prestedge’s departure also threatened to delay Bostock’s move to become head of investment platforms at its parent Spanish bank.

Santander said in April that Bostock “would step down as CEO by the end of the year and begin his new role when a successor has been appointed.” The bank lost another candidate when Susan Allen dropped out to join Barclays earlier this year.

Allen, who was head of retail and investment banking, was seen as a leading internal replacement option. Regnier will join just as the British bank has undergone a restructuring to work more closely with its European operations and its Spanish parent company, led by group chairman Ana Botin.

The UK branch has ditched the role of CEO of retail and business banking. The senior British bankers are now reporting directly to Santander’s European boss Antonio Simoes and to the British chief executive.

Last month, the bank reported a 381 percent increase in pre-tax profits to £1.4bn for the first nine months of the year, following massive demand for mortgages.