Santander U.K. Set Aside $1.2 Billion on PPI Last Year

(Corrects to show the provision was for the first half of 2011.)

Santander U.K. set aside 731 million pounds ($1.2 billion) for customer remediation in the first half of 2011, “principally” in relation to the mis-selling of payment protection insurance, the firm said in a statement today.

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