Perhaps foreshadowing the final of the football at Euro 2020 on Sunday, Santander and the UK Department for International Trade (DIT) have renewed the agreement they signed in 2017 to support businesses in the Spain-UK corridor. With Santander’s reach in both markets at its core, the agreement aims to drive trade between the countries, promote Spanish companies’ investment in the UK and vice versa.
Under the agreement, companies that operate in the corridor will take part in seminars, events and trade missions that aim to spread information on the latest features of trade relations between the countries, as well as customs and labelling advice.
The Department for International Trade (DIT) is the UK Government arm that helps foreign companies set up business in the country and supports exportation. The agreement forms part of the Spain-UK Corridor initiative Santander launched in 2017. In addition to a tailor-made service that makes it easier for businesses in both countries to open an account opening, it also includes expert advice by country specialists, financial solutions and digital capabilities in payments and collection, online finance tracking and online currency purchases.
A vital trade corridor
Over 38,000 companies directed trade flows between Santander España and the UK in 2020, when the bank's support to Spanish businesses setting up shop in the UK soared 50%.
The Spain-UK corridor is vital to trade between the countries: according to 2020 figures, the UK is Spain’s second largest investor and receives more investment from Spanish companies than any other country in Europe. It’s the non-EU country that also receives the most exports from Spanish companies (€17bn); and it’s the third largest non-EU exporter to Spain, trading over €9bn.
The bank has several initiatives to drive international trade. Its Santander Trade digital platform connects over 16,000 companies in many countries and provides SMEs with information to find their potential abroad. Its International Desk service is helping SMEs set up shop and invest in other countries, promoting global integration. In the countries where it has retail operations, Santander provides custom, multilingual services and treats every company like a long-time customer from the beginning, offering a wide selection of specialist products for SMEs. Since 2011, when International Desk launched, Santander has enabled over 5,000 customers to go international and helped more than 2,200 foreign outfits open in Spain.
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