Banco Santander has rejected an offer of around £11 billion from NatWest for its UK retail bank, saying the bid undervalued the business, according to a Financial Times report on Friday.

The approach by NatWest, the bank formerly known as RBS, was being advised by Morgan Stanley and UBS, and is no longer live, the report said.

“The UK (operations) is not for sale and is a core part of Santander’s diversified business model which is proven to deliver attractive, sustainable returns over the long term,” a Santander spokesperson told Reuters.

Barclays had also approached Santander with a potential bid for its UK operations, Reuters reported in January, citing sources familiar with the matter. The talks did not progress.

A NatWest Group spokeperson said “we do not comment on speculation,” when contacted by Reuters.