Finance
Santander’s UK Unit Sets Aside £295 Million for Car Probe
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Banco Santander SA is setting aside £295 million ($375 million) to cushion against potential legal costs and payments, after authorities in the UK ordered a broad probe into the suspected mis-selling of car loans.
The amount is an estimate of “operational and legal costs and potential awards,” Santander UK said in a regulatory filing on Wednesday. Given uncertainties, “the ultimate financial impact could be materially higher or lower than the amount provided,” it said.