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Foreign Exchange

Santander said to have hired RBS trio for corporate FX sales

Santander, Spain’s biggest lender and the UK’s fifth-biggest high street bank, is believed to have hired a trio of FX corporate sales veterans from Royal Bank of Scotland, according to two people familiar with the situation.

Chris McHale, Neil Tandy and Andrew Stocker left RBS earlier this week, where they covered UK mid-cap and large-cap corporates. RBS declined to comment.


The three were long-term servants of RBS. Tandy joined in 2001 as the result of RBS’s merger with NatWest, which he had joined in 1990; McHale came to RBS in 1998; and Stocker, who, according to his LinkedIn profile, was responsible for FX sales within all regional treasury centres across the UK, joined the bank in 1999. Santander declined to confirm the new hires.

RBS was ranked second with UK corporate in this year’s Euromoney FX survey, after being overhauled by HSBC, as it shed more than 5% in market share and as its volumes fell 32% overall. However, in options the bank rose from third to first with the same client group after increasing volumes more than four-fold, according to Euromoney Market data.

Santander Group, since acquiring Bradford & Bingley and Alliance & Leicester in 2008, has seen its ranking with UK corporates rise from 36th to 21st position, with a market share of 1.16%, compared with RBS’s 11.18% in the most recent survey.

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