Santander UK has become the first British high street bank to have its credit rating downgraded because of the recent trouble in the eurozone. This comes despite their reassurances on Tuesday:
– Santander UK spokesman, Speaking on May 15
Santander operates under a subsidiary model.
This means that Santander UK plc is completely autonomous from its Spanish parent company.
This structure acts as a firewall to prevent problems within one part of the group spreading to other units in the event of financial difficulties