SANTANDER UK has “pencilled in” its float for early November of this year, City A.M. understands, despite market turbulence and low industry valuations.
The bank has scheduled a series of investor meetings for 27-28 September, in which analysts will meet and ask questions of the bank’s new senior management team for the first time.
After the meeting, analysts will produce research to inform the price range given on an Intention to Float document (ITF), after which the bank will have around four weeks for book-building.
The timing will give investors and analysts two weeks to digest the impact of the final recommendations by the Independent Commission on Banking (ICB), due to report on 12 September.
No final decision is likely to be made on the float until the end of the summer but investment banks are gearing up to pitch for the float, with Bank of America/Merrill Lynch said to be in pole position.
BoA/ML is currently advising alongside JP Morgan and Santander Spain on the float of Santander Rio on the New York Stock Exchange, which is expected to raise about $100m (£61m).