Santander UK Chairman Lord Burns Stepping Down
Santander UK Chairman Lord Burns Stepping Down. Lord Burns (R) in 2004 Reuters

Santander UK confirmed that Lord Burns will step down as chairman after he presented his resignation as a member of the bank's board in January.

However, Santander said in a statement that Burns will remain as chairman until his successor is appointed, to ensure a smooth transition.

"It is the intention to have a new chairman in place by the end of 2014," it confirmed.