THE former head of the British Army is set to lead Santander’s bid to bolster its defence lending as the Spanish bank looks to cash in on a sharp uptick in military expenditure fueled by rising geopolitical tensions.
General Sir Patrick Sanders, chief of the general staff in the British Army from 2022 to 2024, will swap his combat boots for Chelsea boots after being hired by the Spanish lender, The Telegraph reported.
Bank executives will hope to lean on the general’s extensive contact book in the defence industry as the war in Ukraine, conflict in the Middle East and the return of Donald Trump to the White House encourage a worldwide surge in defence spending.
Earlier this year, NATO members struck an agreement to spend 5% of GDP on defence and security by 2035 in a move praised by Trump as a ‘big win for the US, Europe and Western civilisation’.
Shares in defence companies such as BAE Systems have soared since the Russian invasion of Ukraine in 2022.
READ MORE: Spain finally hits NATO target to spend 2% of GDP on defence, data reveals
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 appointment of General Sanders as a senior adviser to our business underscores both the strategic importance of the industry and our commitment to supporting its continued development.”
The 59-year-old served in the British Army for 38 years, where he commanded operations in countries including Northern Ireland, Kosovo, Bosnia, Iraq and Afghanistan.
As chief of the general staff, Sanders protested against spending cuts and warned that the UK must prepare for a future war with Russia.
Earlier this year, Santander was crowned as Europe’s largest bank as Spain continues to cement its position as Europe’s new financial powerhouse.
According to Market Watch, Santander leads the European Union with a market capitalisation of €128 billion, outpacing Italy’s UniCredit and Intesa Sanpaolo (both €101 billion).
Founded in the northern port city of Santander in 1857, the company has grown into a global giant with more than 160 million customers across Europe and the Americas.
It is also one of the UK’s largest foreign banks. The lender entered the British market two decades ago by acquiring Abbey National and later Alliance & Leicester and Bradford & Bingley, merging them into Santander UK.
Today the group serves 14 million UK customers, employs 18,000 staff and manages assets of more than €332 billion.
This summer the bank strengthened its position by acquiring TSB from Sabadell in a €3.1 billion deal, adding another five million customers and hundreds of branches.
By assets, Santander ranks fourth in Europe with nearly €1.9 trillion on its books, behind the UK’s HSBC (over €2.6 trillion) and France’s ‘big two’ of BNP Paribas (€2.59 trillion) and Crédit Agricole (€2.43 trillion).
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