(Reuters) – Banco Santander’s UK business remains a core part of the Spanish lender’s globally diversified business model and the division is not for sale, a company spokesperson said on Thursday.

The Financial Times earlier on Thursday reported that Santander had discussions with NatWest for a potential sale of the Spanish lender’s UK retail business, citing people familiar with the matter.

Early-stage talks took place last year, but interest remains from both parties in a potential deal, the people added, according to the FT report.

“Santander UK is not for sale,” a Santander spokesperson told Reuters.

Santander competes with banks including Lloyds Banking Group and Barclays in Britain, which is one of the 10 markets that the Spanish bank considers key, including Mexico, Brazil and its home market, Spain.

The UK is a core market for Santander, and will remain to be so in the future, Executive Chair Ana Botin said earlier this year.

Reuters in January reported, citing sources familiar with the matter, that Barclays had approached Santander about a possible offer for its UK business but it did not lead to anything, as Santander was reviewing its presence in Britain.

A NatWest Group spokeperson said: “We do not comment on speculation.”

(Reporting by Jesus Aguado in Madrid and Shanima A in Bengaluru; Additional reporting by Ankita Bora; Editing by Alan Barona)