|Bid||2.2800 x 3200|
|Ask||2.3000 x 43500|
|Day's Range||2.2500 - 2.3100|
|52 Week Range||1.9000 - 4.7400|
|Beta (5Y Monthly)||1.49|
|PE Ratio (TTM)||4.71|
|Earnings Date||Jan. 25, 2017 - Feb. 01, 2017|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Oct. 30, 2019|
|1y Target Est||3.76|
Santander Consumer USA Holdings Inc <SC.N> said on Tuesday it had agreed to make changes to its underwriting practices as part of a $550 million (448.7 million pounds) settlement with 33 states and the District of Columbia over subprime auto loans. The states said Santander violated consumer protection laws by placing borrowers with subprime credit into auto loans it knew carried a high probability of default. Santander has agreed to pay $65 million for restitution for some customers and to waive deficiency balances on loans worth $478 million.
Santander <SAN.MC> on Tuesday announced the appointment of Antonio Simoes, head of global private banking at HSBC <HSBA.L>, as its regional chief for Europe, one of the Spanish bank's three big geographical regions. Simoes joins Santander from the HSBC, where he has led a number of businesses over the past 13 years in London and Hong Kong, at a time when the Spanish bank is focused on cost cuts in Europe. "Antonio will join the bank on Sept. 1, subject to regulatory approval, and will have managerial responsibility and oversight of the bank's businesses in Europe with reporting lines from the country heads of Spain, Britain, Portugal and Poland," Santander said in a statement.
Banco Santander Brasil SA's <SANB11.SA> chief executive, Sergio Rial, on Tuesday said the bank is implementing a series of measures aimed at helping it weather the coronavirus crisis, such as reducing credit card risk and cutting technology spending. Rial said in an interview with Reuters that he cannot yet foresee the pandemic's full impact on the bank's results, although loan delinquencies and losses are likely to go up after a forecast-beating first quarter that sent its shares soaring. Currently, 3% of Santander's outstanding loans are more than 90 days past due.
Its net profit was 100 million zloty below expectations of analysts polled by Reuters and 168 million zloty lower than a year before. The bank, Poland's biggest non-state lender, said it had decided to create a 119 million zloty provision related to "unexpected credit losses" connected to uncertainty over the coronavirus impact on the economy. The results were worked out in the first quarter, while the first coronavirus infection was registered in Poland on March 4.
Banking giant Santander's <SAN.MC> quarterly net profit dived by 82% as it set aside 1.6 billion euros ($1.7 billion) to cover expected loan losses caused by the COVID-19 pandemic. The euro zone's second-largest bank by market value, after BNP Paribas <BNPP.PA>, reported a net profit of 331 million euros for the first quarter that ended in March. Excluding extraordinary provisions, which also included 46 million euros of restructuring costs in Europe, Santander's underlying quarterly profit rose 1% to 1.98 billion euros.
Banco Santander (BSBR) is seeing favorable earnings estimate revision activity and has a positive Zacks Earnings ESP heading into earnings season.
Reportedly written by the bank's head of innovation, the missive warned that a large chunk of the Spanish incumbent's profits were at risk -- specifically, those generated via international money transfers – because of the growing success of fintech challengers, such as London-headquartered TransferWise. Fast-forward three years, and today Santander is launching a standalone money transfer app, presumably in a bid to avoid the trappings of innovator's dilemma. The new proposition is open to Santander and non-Santander customers and has been developed by a team working largely outside of the bank -- a startup within a multi-national corporation, if you will -- and has grown to around 50 team members working across Madrid, London, and Brussels.
Santander on Thursday launched a money service app in the United Kingdom that will initially be free of fees for transfers of up to 3,000 pounds ($3,740) due to the coronavirus pandemic as lenders try to fend off competition from start-ups in the payments industry. Santander said its completely owned PagoFX, a low-cost international money transfer service, would be available via a mobile app and allow UK residents with a debit card issued by any UK bank or financial entity to send money abroad from their smartphone with low costs and using real-time foreign exchange rates. Banks, which are already struggling to lift earnings due to low interest rates, face rising competition from tech start-ups like technology platform PayPal and the likes of London-based TransferWise that offer foreign exchange payments to retail and small-business customers with lower fees.
The chief executive officer of Spain's Santander <SAN.MC> on Friday assured investors it was taking all necessary measures to mitigate the impact from the coronavirus outbreak on the bank's balance sheet. "We will take the necessary measures to mitigate, as far as possible, the impact that the volatility and foreseeable slowdown in global growth may have on the business and on the income statement this year," the bank's CEO Jose Antonio Alvarez told investors.
Santander <SAN.MC> has boosted its lending capacity to 90 billion euros ($97.3 billion) to support households in the fight against the coronavirus outbreak after cancelling its final 2019 dividend and its remuneration policy for 2020, chairman Ana Botin told investors on Friday. The European Central Bank had already told lenders to skip dividend payments and share buy backs until October at the earliest and use profits to support an economy hamstrung by restrictions on movement implemented to stop the spread of the virus. The lender said on Thursday it would cancel the final 0.13 euros per share dividend against its 2019 earnings to boost capital defences, with Botin saying on Friday this would save the euro zone's biggest lender in terms of market value 1.6 billion euros ($1.7 billion).
Spain's Santander <SAN.MC> will cancel the payment of a final dividend against its 2019 earnings and save the money to boost capital defences against the impact of the coronavirus outbreak. The European Central Bank has told lenders to skip dividend payments and share buybacks until October at the earliest and use profits to support an economy hamstrung by restrictions on movement implemented to stop the spread of the virus. Santander will wait until "there is more visibility of the effects of the COVID-19 crisis" and its own 2020 financial results are known before proposing any dividend payments.
European hedge funds struggled to navigate the coronavirus-induced extreme market volatility during March, with many down by double-digits in the space of a few weeks as short-selling bans hampered their strategies. Regulators in France, Italy, Belgium and Spain ordered temporary short-selling bans to stop investors betting on a fall in the share price of companies ranging from Spanish bank Santander to Air France-KLM and Italian automaker Fiat Chrysler. Short-selling is a strategy often used by so-called 'event-driven' or 'merger-arbitrage' hedge funds that bet on takeover or merger deals, reducing their risk by shorting, or selling, the acquirer and buying the target company.
Banco Santander Brasil SA <SANB11.SA>, one of Brazil's top lenders, said on Monday that it would refrain from firing workers "amid the most critical period" of the coronavirus outbreak. The bank, which has roughly 47,000 employees, did not specify what it meant by the "most critical period" of the pandemic. Last week, Santander Brasil said it would furlough part of its workforce for 15 days in Sao Paulo and Rio de Janeiro as it closes some branches in both cities due to the coronavirus outbreak.
Spain's Santander <SAN.MC> has closed slightly less than half of its branches in Spain to adapt to lower attendance from clients as coronavirus spreads, a source with knowledge of the matter said on Friday. Spain has been in lockdown since Saturday in an attempt to stem the spread of the coronavirus. Santander has recently said it has implemented measures to protect the health of its employees and customers.
Gold and a gauge of global equity markets rose on Tuesday after the Federal Reserve said it would buy short-term corporate debt directly from companies to help relieve credit markets under strain from the economic impact of coronavirus epidemic. The renewal of the financial crisis-era Commercial Paper Funding Facility, first used in 2008, will provide a backstop to that market, a key funding source for a range of businesses that have seen liquidity dry.
Spain's largest banks sought to minimise the business effects of the coronavirus outbreak on Tuesday, with Santander and BBVA both calling on shareholders to participate remotely at their annual general meetings. Twenty-eight people have died in Spain from the coronavirus, with the number of cases jumping on Monday to 1,204, one of Europe's highest, but far less than in Italy. Santander <SAN.MC>, Spain's largest bank, said that as a precautionary measure it had asked employees in its corporate centres in Madrid to work from home for the next 15 days, while a BBVA <BBVA.MC> spokesman said it had closed a building in the capital as a result of a confirmed case of coronavirus.
Banco Santander, S.A. (BME:SAN) shareholders (or potential shareholders) will be happy to see that the Group Executive...
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