Bank is considering sale of British business amid mounting frustrations over regulation

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Santander has rushed out a note to senior managers after it emerged that the Spanish-owned lender is reviewing the future of its UK business amid mounting frustrations over regulation.

The chief executive of Santander’s UK corporate and commercial bank, John Baldwin, sent out a memo outlining how to respond to clients and its 21,000 UK staff, who have been rattled by news that the bank could be put up for sale.