Santander UK chief faces tax evasion investigation

THE CHIEF EXECUTIVE of Santander UK is under investigation by Spanish tax authorities over tax evasion allegations.

Ana Botín, the new chief executive of Santander UK, is being investigated along with 11 members of her family . The allegations centre around a Swiss bank account belonging to Botín's father, Emilio Botín, the chairman of the group. Details came to light after a former employee of HSBC's Swiss private banking unit leaked clients' records.

The Botín family have already paid €200m (£176m) to settle the outstanding tax on the trust, they say. The account was set up by Emilio Botín's father, Emilio Botín senior, in December 1936, fled Spain during the civil war.

The Swiss leaks prompted investigations into more than 600 Spanish citizens with the UK bank

A statement from the Botín family's lawyer said: "The family has voluntarily and completely normalised its tax situation and is compliant with all obligations. It expects this matter to be quickly and satisfactorily resolved by the court. "

Ana Botín took over Santander UK six months ago, when she became the first woman to lead a major bank in the UK.