Santander executive chair Ana Botín told the Financial Times that "taxing banks more heavily than other companies makes no economic sense", criticising the UK's practice of singling out lenders for additional taxes.
ANA BOTÍN'S CRITICISM
"Why single out the banks in particular and impose additional taxes?" Botín asked. She added: "We already pay a corporate tax rate of around 30 per cent, our profit margins are nowhere near those of monopolistic players, and we're not reaping windfall profits."
UK banks pay a balance-sheet levy and a surcharge on profits, both introduced after the 2008 financial crisis, on top of corporation tax.
Her remarks came amid industry concern that a change in Labour leadership could bring heavier taxation of the sector; Angela Rayner has previously proposed raising the bank surcharge. JPMorgan Chase's Jamie Dimon and Barclays chief executive CS Venkatakrishnan have also opposed further tax increases on banks.
SANTANDER IN THE UK
Santander, which completed its £2.65 billion acquisition of TSB this year, has invested more than £20 billion in the UK since 2004.
Sources: Financial Times; City AM; Mortgage Professional (mpamag.com)