Banco Santander has turned down a takeover offer from NatWest valued at approximately £11 billion ($14.63 billion) for its UK retail banking operations, according to a report by the

Financial Times. The Spanish lender deemed the proposal too low, saying it undervalued the business.

The bid, made by state-backed NatWest with advisory support from Morgan Stanley and UBS, is no longer under consideration, the report stated, citing sources familiar with the matter.

“The UK business is not for sale and remains a core element of Santander’s diversified strategy, which consistently delivers strong, long-term returns,” a Santander spokesperson told Reuters.

This isn’t the first sign of interest in Santander’s UK arm. Earlier this year, Barclays also approached the bank about a possible acquisition, though those discussions did not move forward as Santander was reevaluating its UK strategy.

When reached for comment, a NatWest spokesperson declined to respond to what they described as “speculation.”

Santander’s UK operations face stiff competition from other major players like Lloyds Banking Group and Barclays. The UK remains one of the Spanish bank’s top 10 key markets, alongside countries like Brazil, Mexico, and its home market of Spain. Photo by Josep Panadero, Wikimedia commons.