Ex-head of British Army to lead Santander’s defence lending
The former head of the British Army is set to lead Santander’s bid to bolster its defence lending as the industry experiences soaring demand with nations upping spending.
General Sir Patrick Sanders was the chief of the general staff from 2022 to 2024 in the British Army and is set to join the Spanish-headquartered bank to lead its defence industry approach.
It comes amid a global push to hike defence investment due to rising geopolitical tensions.
President Donald Trump’s return to the White House has also pushed NATO nations to up their defence spending.
The UK will commit five per cent of GDP to defence by 2035, the government said earlier this year.
Defence firms have received a major boost from the soaring demand, with the chief executive of FTSE 100 giant Babcock hailing a “new era” for defence earlier this year.
Sanders will advise Santander on lending to arm companies as the bank looks to grab a slice of the growing market, the Telegraph first reported.
Santander to ramp up defence lending
It also marks a major shift after concern defence firms have struggled to access finance due to environmental, social and governance policies.
Darren Jones, head of global banking at Santander, said: “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.”
The chief executive of Santander UK, Mike Regnier, announced his exit from the banking titan on Friday ahead of the firm’s landmark takeover of TSB.
Mike Regnier said he will exit in the first quarter of 2026 after stating it was his intention to “move on after 4-5 years” due to “other interests [he] would like to pursue”.
The said that due to the integration of TSB taking “considerably longer than this,” he suggested his departure to the board to allow them time to find a successor.