LONDON (Bloomberg) — Banco Santander SA is unlikely to list its UK business in London at the moment because the bank doesn't need capital and may not get a high enough price, Evolution Securities Ltd. analyst Arturo de Frias said.

"I just think it's very unlikely," de Frias, who today sent a note to clients on the issue, said in a phone interview. "I don't think it's the best moment to be selling."

The Sunday Times reported that Spain's biggest bank may sell shares in the unit in an offering that would value it at more than £15 billion ($23.4 billion). The sale of a 25 percent stake is one of several options the bank is looking at as it seeks to raise money to fund a bid for 300 Royal Bank of Scotland Group Plc branches, the newspaper said.