Santander Seeks to Split Motor Finance Business From UK Unit

Banco Santander SA is planning to reorganize its UK operations in a move that would split off a unit hit by litigation, according to people familiar with the matter.

The Spanish bank is seeking to get regulatory approval to shift the consumer finance business out of its Santander UK Plc subsidiary, the people said, asking not to be identified discussing the private information. The motor finance business, which is facing a wave of complaints hitting the industry as a whole, is part of the division that could be separated.