The University of Stirling has secured a multi-million pound finance package from Santander Corporate Banking to fund construction of a multimillion pound residences project which begins this summer.
The funding from Santander is part of a wider financial package which will enable the University to replace over 40 per cent of student accommodation on campus in a project phased over three years.
This is the largest capital project the University has undertaken since it was founded in 1967 and is an important development in attracting both domestic and foreign students to the University.
Liam McCabe, Director of Finance at Stirling, says: “We’re extremely pleased to have the backing of Santander for this exciting project, which is a major platform for the University’s continued growth and development.
“We are committed to investing in top class accommodation for our students which, added to the high quality provision of teaching and research, will help to make the University even more popular to prospective students. We would also hope to attract a bigger share of the conference and tourist market, encouraging more visitors to the Stirling area.”
Tony Quinn, Relationship Director at Santander Corporate Banking in Edinburgh, says: “It has been a pleasure to work with the University of Stirling and to be able to get the right finance solution to fit their needs. I look forward to developing this relationship further in the future and wish the University every success with these capital plans.”
Stirling obtained planning consent for the residences project in April 2012 and work should begin on the site in August.
Further information from Patricia Hess at firstname.lastname@example.org or on 01786 466 687
Notes to Editors
More information about the University of Stirling residences project at: http://www.stir.ac.uk/campus-life/accommodation/residences-project/
Santander Corporate, Commercial and Business Banking was established after the restructuring of Santander Business Banking and Santander Corporate Banking in March 2011, following the appointment of Steve Pateman to the Executive Board. Santander Business Banking supports customers with a turnover of up to £250,000, through a team of Local Business Managers, UK-based call centres and online banking. Santander Corporate and Commercial Banking provides dedicated relationship banking support to businesses with a turnover of more than £250,000 through the bank’s 24 regional corporate banking centres located across the UK.
Santander UK plc is autonomous from its parent in terms of capital and liquidity, raising its own funds to run its business. Sovereign exposures to Europe (excluding UK) as at September 2011 are not significant at less than one per cent of total assets and primarily relate to Swiss government. Total exposure to periphery countries is c. 0.5 per cent of total assets.
Banco Santander (SAN.MC, STD.N, BNC.LN) is a retail and commercial bank, based in Spain, with a presence in 10 main markets. Santander is the largest bank in the euro zone and is among the fifteen in the world by market capitalization. Founded in 1857, Santander had EUR 1.383 trillion in managed funds, more than 102 million customers, 14,760 branches – more than any other international bank – and 193,000 employees at the close of 2011. It is the largest financial group in Spain and Latin America. Furthermore, it has significant positions in the United Kingdom, Portugal, Germany, Poland and the U.S. northeast. Santander Consumer Finance operates in the Group’s core markets as well as in the Nordic region. In 2011, Grupo Santander registered EUR 7,021 million in recurring net profit.
Santander media enquiries to Sarah Davies on 0207 756 4211 or Jemma Abela on 0207 756 4199