The former chief of the British Army, General Sir Patrick Sanders, is poised to spearhead Santander's efforts to expand its defence lending amidst a surge in demand as countries increase their spending.
Sanders, who served as the chief of the general staff in the British Army from 2022 to 2024, is set to join the Spanish-based bank to guide its approach to the defence industry, as reported by .
This move comes at a time when there is a worldwide drive to boost defence investment due to escalating geopolitical tensions.
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The return of President Donald Trump to the White House has also prompted NATO nations to ramp up their defence expenditure.
Earlier this year, the 海角视频 government announced that it would allocate five per cent of GDP to defence by 2035.
Defence companies have greatly benefited from this skyrocketing demand, with the CEO of FTSE 100 giant Babcock declaring a "new era" for defence earlier this year.
As reported first by the Telegraph, Sanders will counsel Santander on lending to arms companies as the bank seeks to capitalise on this expanding market.
Santander plans to escalate its defence lending
This represents a significant shift following concerns that defence firms have had difficulty securing finance due to environmental, social and governance policies.
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Darren Jones, head of global banking at Santander, stated: "We are seeing growing demand for financial products and services from companies across the defence supply chain, particularly within the EU.
"Supporting this sector is critical for the security of the region, and as one of Europe's largest banks, we recognise the important role we must play."
Mike Regnier, chief executive of Santander 海角视频, revealed his departure from the banking giant on Friday, ahead of the organisation's landmark acquisition of TSB.
Mr Regnier confirmed he will step down in the first quarter of 2026, having previously indicated his intention to "move on after 4-5 years" in order to pursue "other interests [he] would like to pursue".
The bank's chief noted that given the TSB integration will take "considerably longer than this," he proposed his exit to the board to provide sufficient time for identifying a successor.