Good position in U.K. retail banking. Conservative risk profile, including a relatively cautious pace of credit growth. Solid capitalization by our measures. Cost-to-income ratio is weakening mostly due to net interest margin pressure. Lower revenue diversification than its larger U.K. competitors. Market shares and franchise in business and commercial banking will continue to lag behind direct peers. The stable outlook reflects our view that the bank will steadily expand its market position in U.K. retail banking over our two-year outlook horizon, while maintaining its supportive risk appetite and 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 severe stress scenario given its multiple point
