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Santander Group approves restructuring to comply with ring-fencing rule

Santander UK Group Holdings Plc approved a revised business model and legal entity structure in compliance with the U.K.'s ring-fencing rule, it said Dec. 22.

The newly ring-fenced bank, Santander UK Plc, will serve the group's retail, commercial and corporate customers, it said.

U.K. banks have a Jan. 1, 2019, deadline to implement ring-fencing rules requiring them to separate investment and retail arms.