Good position in U.K. retail banking. Long track record of stable earnings. Conservative risk profile, including a relatively cautious pace of credit growth. Lower revenue diversification than its larger U.K. competitors. Market shares and franchise in business and commercial banking lag behind direct peers. Concentrated exposure to the leveraged U.K. household sector. The stable outlook reflects our view that the bank will continue to steadily grow its market position in both U.K. retail banking and U.K. business and commercial banking over our two-year outlook horizon, while maintaining its stable earnings, supportive risk appetite, and adequate capitalization. It also reflects our view that Banco Santander will continue to provide ongoing group support, despite the uncertainty for extraordinary group support in a
