B2B Payments

Santander Adds RBS Muscle For Small Biz Unit


Santander has chosen a new executive to run its small business banking operations, according to reports published late last week.

Former RBS Deputy Chief Executive Chris Sullivan will join Santander as head of its small business and corporate unit, according to reports, which noted that the appointment is signaling that Santander will now look to shift into the world of corporate banking, in addition to its experience in consumer banking.

[bctt tweet=”Former RBS Deputy Chief Executive Chris Sullivan will join Santander.”]

“There is no one more qualified than Chris to guide our corporate and commercial business [and] to deliver clients a new banking experience,” stated Santander UK Chief Nathan Bostock. “That experience is one that is truly customer-centric and one that is simple, personal and fair.”

Reports noted that Sullivan had been the center of some controversy in the past. He left RBS at the end of 2014 after scrutiny from U.K. policymakers following criticism over the treatment of small business customers at the bank.

RBS’ global restructuring group was accused of forcing small businesses to financial ruin so the bank could purchase their assets for a profit, reports said. Since, the bank was reportedly in talks to repay some of its small business clients after both external and internal investigations into the matter.

Bostock is also a former RBS executive, according to reports.



B2B APIs aren’t just for large enterprises anymore — middle-market firms and SMBs now realize their potential for enabling low-cost access to real-time payments and account data. But those capabilities are only the tip of the API iceberg, says HSBC global head of liquidity and cash management Diane Reyes. In this month’s B2B API Tracker, Reyes explains how the next wave of banking APIs could fight payments fraud and proactively alert middle-market treasurers to investment opportunities.