Santander and City stockbroker Peel Hunt have teamed up in a bid to compete with larger rivals in the biggest UK equity deals.

The Spanish bank's sizable balance sheet will help Peel Hunt with the financial firepower needed to compete with bulge bracket investment banks on the biggest initial public offers and corporate fundraises as equity markets have heated up over the course of 2021. The two firms announced the underwriting collaboration in a joint statement on 26 April.