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Santander UK to build $200 million tech hub in Milton Keynes, England

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Santander UK to build $200 million tech hub in Milton Keynes, England
The logo of Santander bank is seen on rental bicycles in the City of London financial district in London September 4, 2017. REUTERS/Toby Melville   -   Copyright  TOBY MELVILLE(Reuters)
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LONDON (Reuters) – Santander UK <SANS_pa.L> said on Friday it would build a new technology hub in the English town of Milton Keynes, representing an investment of 150 million pounds ($196.82 million).

The proposed new site is expected to house over 5,000 staff, and replace the bank’s existing offices in the area. A planning application will be submitted for the development in 2019, Santander UK said, and subject to approval the hub is expected to open in 2022.

Nathan Bostock, Chief Executive of Santander UK, which is owned by Spain’s Banco Santander <SAN.MC>, said the announcement reflected the lender’s long-term commitment to the area.

“We want a workplace which truly reflects our culture and our vision for the future, which is based on innovation and harnessing new technology to make banking simpler and more personal for our customers,” he said in a statement.

(Reporting by Emma Rumney, Editing by Lawrence White)

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