LONDON (Reuters) - Santander's
Spain's Santander intends to spin off and float its UK arm, as it has done for other businesses in Mexico, Brazil and the United States, but the flotation has been continually delayed by regulatory changes and a difficult economic backdrop, and Santander UK's own restructuring to focus more on commercial lending.
"There are no current plans for an IPO," a spokesman for Santander UK said.
The UK business on Thursday reported a pretax profit in the fourth quarter of 248 million pounds ($410.5 million), more than double a year ago but its weakest quarterly performance of the year. Its profit in 2013 was 1.1 billion pounds, flat on 2012. Madrid-based Santander, the euro zone's biggest bank, posted lower than expected net lending income in the fourth quarter.
(Reporting by Steve Slater; Editing by Huw Jones)