Banco Santander, which has built a significant footprint in the UK, should leave its options open rather than rush into an initial public offering of its British business, according to this commentary. The Spanish lender has a strong core Tier 1 ratio and likely will want to keep that. An IPO in the UK is more difficult than it might appear. Banks are allowed to treat their subsidiaries' capital as part of their core Tier 1, but that might change as the Basel Committee on Banking Supervision looks at revamping the system.

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