Banco Santander (SAN) and NatWest Group (NWG) are considering transferring UK pension assets worth billions of pounds to an insurer, Bloomberg reported Tuesday, citing sources familiar with the matter.

Banco Santander has held initial discussions to move a portion of its 7.6 billion pounds ($6.83 billion) in UK pension assets, while NatWest Group is in talks with advisers about a sale later this year, the report said. NatWest Group's UK pension assets stood at 29.5 billion pounds at the end of 2024, the report added.

There is no guarantee that any transaction will push through, the report said.

Banco Santander and NatWest Group did not immediately respond to MT Newswires' requests for comments.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)