It follows the decision to rebrand its UK businesses Abbey, Bradford & Bingley and Alliance & Leicester to the parent Santander name.
It is understood that Santander has held chemistry meetings with agencies over the past week. It is expected to call a formal review of its ad account, currently held by WCRS. The process is being handled by ISBA.
Since the rebrand of its UK banks, Santander's ads have focused on the theme of strength in numbers, using the strapline 'Together, we are Santander'.
Several of its recent campaigns have featured Lewis Hamilton and Jenson Button, the drivers for Formula One team McLaren Mercedes. Both are set to star in an ad promoting Santander's sponsorship of next month's British Grand Prix at Silverstone.
A Santander spokesman denied the bank was reviewing its advertising arrangements.
In February, . Grey London will lead the integrated account, which includes advertising, digital and design, while G2 in Spain will manage direct marketing.
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