Santander appoints Colliers to cut branch and office network

Santander has tasked Colliers with overseeing a real estate disposal programme across its UK branch and office network. The agency has been named strategic property adviser to the bank for its UK retail and office portfolio. Andrew Hallissey, Colliers’ executive managing director for occupier services in EMEA, said the agency will “develop creative property strategies for all impacted assets, supporting the long-term health and success of the high street”. Nick Roberts, head of property for Santander UK, said the venture will “maximise the potential of our UK portfolio”. Santander joins a growing list of banks and other financial services groups in looking to downsize its real estate network in the wake of the pandemic. HSBC said earlier this year that it aims to cut its global offices footprint by some 40% as part of efforts to reduce operational costs by $1bn (£720m) over the coming year. Lloyds Banking Group, meanwhile, expects to ditch a fifth of its office space by 2023. To send feedback, e-mail tim.burke@egi.co.uk or tweet @_tim_burke or @estatesgazette Photo © Jon Santa Cruz/Shutterstock