(March 19): Banco Santander SA will close some of its branches in the UK and cut jobs as it seeks to improve performance at the unit.

Spain’s largest lender will close 95 branches in the country and about 750 employees will be placed at risk of redundancy, it said in a statement on Wednesday. It currently has 444 branches in the UK.

The UK unit has become an increasing source of frustration for Santander, with a hit from a car finance review adding the most recent headache, Bloomberg News reported in November. The bank previously considered divesting assets in the UK and may consider doing so again if it felt it may fetch a good price for any of them, people familiar with the matter said at the time. 

Chairman Ana Botin has said the lender can shift resources away from lower-performing units and doesn’t need to sell them. She said this week that the bank’s focus is on the US and Latin America, while it sees potential in Europe also in the next few years. 

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