Santander Rejected Bid of About £11 Billion for UK Unit, FT Says

Banco Santander SA rejected a bid worth between £10 billion ($13 billion) and £12 billion for its UK retail bank from NatWest Group Plc earlier this year, according to the Financial Times.

The Spanish lender believed the offer for Santander UK was too low and the bid is no longer live, the FT said, citing people familiar with the matter it didn’t identify.

Santander has repeatedly said it’s not selling its British business.

“The UK is not for sale and is a core part of Santander’s diversified business model which is proven to deliver attractive, sustainable returns over the ...