Banco Santander is reportedly reviewing its long-standing presence in Britain, with considerations of potential strategic changes, including a possible exit from the market, according to sources cited by the Financial Times on Saturday.

The exploration of exiting the British market stems from a desire to shift focus towards more promising growth areas like the U.S., as stated in the report. However, it is emphasized that no immediate deal or official statement is forthcoming, and the evaluation process is in its initial phase.

In response to inquiries from Reuters outside of regular business hours, Santander has not yet provided any comments.

This development coincides with Banco Santander setting aside 295 million pounds ($358.81 million) to address potential expenses related to ongoing investigations into motor finance commissions across the industry.

Moreover, the bank had reduced its workforce in the UK by implementing 1,400 job cuts in October.

Although it remains unclear who might express interest in acquiring Santander's British unit, sources indicate that Santander has the option to retain the business, the report noted.