|Bid||0.0000 x 28000|
|Ask||0.0000 x 306100|
|Day's Range||3.8600 - 3.9500|
|52 Week Range||3.8000 - 5.4300|
|Beta (3Y Monthly)||0.80|
|PE Ratio (TTM)||8.05|
|Earnings Date||Jan 25, 2017 - Feb 1, 2017|
|Forward Dividend & Yield||0.26 (6.69%)|
|1y Target Est||5.02|
MADRID/LONDON (Reuters) - Santander has accused Andrea Orcel, who is suing the Spanish bank for 100 million euros (£89.5 million) after it withdrew an offer to make him its chief executive, of "dubious ethical and moral behaviour". Orcel, one of Europe's most high-profile bankers, filed a lawsuit in Madrid this month claiming breach of contract. Orcel has alleged that a four-page letter written in September in which Santander offered him the job, along with a stock and bonus package to compensate for deferred pay he risked losing by quitting UBS , is legally binding.
Banco Santander Brasil SA will launch an online platform in September, allowing Brazilians to borrow funds using a wide range of collateral, from their homes to motorcycles, Chief Executive Officer Sergio Rial told journalists on Tuesday. Rial said the move - the first among major banks in Brazil - is aimed at offering cheaper loans for consumers with useable collateral. Santander's venture capital fund Santander Innoventures is also among the investors in Creditas.
(Bloomberg) -- It looks like Banco Santander SA picked the right time to grow in Latin America.The Spanish lender’s surging businesses there delivered second-quarter profit growth that made up for a lackluster performance in Europe. Shareholders on Tuesday approved a capital increase to buy out the 25% of the bank’s Mexican unit that it doesn’t already own, continuing its expansion in the region.As years of low interest rates weigh on the profits of European peers, Santander is leaning ever more on Latin America, where it seeks to benefit from growing populations, including many people who are using banking services for the first time. The results highlight the diverging fortunes of the bank’s business as North and South America account for a rising share of underlying earnings with Brazil, the bank’s main profit driver, rising 19%.Underlying profit at the Madrid-based lender rose 5% to 2.1 billion euros ($2.4 billion) in the three months through June, the best quarterly performance in eight years, according to Chairman Ana Botin. The results would have been even better if Brazil’s real hadn’t fallen against the euro.Meanwhile, the lender’s European business is marked by cost reductions, branch closures and a long struggle to improve profitability at its U.K. unit. Santander is cutting more than 3,000 jobs and shuttering duplicate branches in Spain as part of the integration of Banco Popular Espanol, contributing to a 706 million euro charge in the second quarter that caused net income to drop by 18%. The bank is also pulling back in the U.K. and Poland.Sweet SpotWhile Santander’s 658 billion euros of deposits in Europe are more than twice the total of the Americas, the latter accounts for 55% of the group’s underlying profit.Santander rose as much as 3% in Madrid trading and was up 2.9% at 4.10 euros as of 11:38 a.m.“The evolution of countries in Latin America continues to be a vital support,” said Nuria Alvarez, an analyst at Renta 4 Banco in Madrid. That’s “in spite of the complicated environment that they have in the U.K and in Spain.”The bet on Latin America looks likely to continue and even increase. On Tuesday, the bank’s shareholders voted to approve a 2.6 billion euro capital increase to fund the purchase of the Mexican unit stake. The business had a 13% market share in Mexico at the end of 2018.Santander is rolling out a digital-banking app, designed to capture low income customers who have never had an account, in Mexico and Chile after piloting the service in Brazil.In Spain, underlying profit was virtually flat, held back by stagnant net interest income and fees. Santander’s U.K. unit continued to struggle with regulations that oblige the bank to separate its investment arms from retail banking. Net income at the British business fell to 327 million euros in the second quarter compared with 375 million euros a year ago.The job reductions are part of a global plan to reduce annual costs by 1.2 billion euros, with most of the cutbacks coming in Europe.Here are some highlights from Santander’s second-quarter report:Net income fell 18% year-on-year to 1.39 billion euros, beating the analyst consensus of 1.27 billion euros.The bank’s fully-loaded and phased in CET1 ratio was 11.3% , in line with its medium-term targetNet interest income of 8.95 billion euros in the second quarter beat the consensus of 8.77 billion euros(Updates with details of Mexico buyback in seventh paragraph.)To contact the reporter on this story: Charlie Devereux in Madrid at firstname.lastname@example.orgTo contact the editors responsible for this story: Dale Crofts at email@example.com, Ross LarsenFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
MADRID/LONDON (Reuters) - Santander said it would fight a 100 million euro (£89.7 million) lawsuit being brought by Italian banker Andrea Orcel after it withdrew an offer to make him its chief executive earlier this year. Santander offered Orcel, one of Europe's highest profile bankers, the role but then changed its mind in January, saying it could not meet his pay demands. Former UBS banker Orcel has filed a lawsuit in Madrid with the help of law firm De Carlos Remon, claiming breach of contract.
Spanish lender Santander reported an 18% fall in quarterly net profit hurt by one-off restructuring costs from its acquisition of Banco Popular and a weak performance in Britain despite a solid performance in Latin America. It reported a net profit of 1.39 billion euros (£1.25 billion) for the three months to the end of June, topping the 1.29 billion euros expected by analysts in a Reuters poll. The euro zone's largest bank by market capitalisation, which took over Banco Popular two years ago, recently agreed with unions on the closure of around 1,150 branches and layoffs in Spain -- around a tenth of its Spanish workforce.
PayPal (PYPL) is up an impressive 42.5% YTD, continuing a very strong growth trend since the company's spin-off from eBay (EBAY). Here's what investors should expect from PYPL's Q2 earnings report.
As Deutsche Bank begins a major restructuring effort, Kevin Doran, CIO at AJ Bell, says the bank has "very much buried their head in the sand for easily a decade now."
Spain's Santander has reached an agreement with the billionaire Reuben brothers to buy back its headquarters in Madrid, sources with knowledge of the matter said on Wednesday. "There's an agreement with the Reuben brothers to buy back the (property)," one of the sources with knowledge of the deal said, adding that it still needed to be signed off. Santander and the Reuben brothers' office declined to comment.
MADRID/LONDON (Reuters) - Santander faces a 100 million euro (£90 million) claim by Andrea Orcel, one of Europe's best-known investment bankers, after the Spanish bank offered him the job of chief executive but withdrew it when it could not meet his pay demands. Santander will have about 20 days to respond to a civil lawsuit which 56-year old Orcel plans to file in Madrid, sources familiar with the matter told Reuters on Wednesday. "Orcel is claiming 100 million euros as part of a civil lawsuit for a breach of contract," said one of the sources, speaking on condition of anonymity.
OSLO/MADRID (Reuters) - Norway's Financial Supervisory Authority has ordered Spanish bank Santander to pay a fine of nine million crowns ($1 million) for violations of the country's anti-money laundering laws, it said on Tuesday. The fine was imposed in relation to violations found at Santander Consumer Bank in Norway, the regulator said in a letter dated June 28 and published on its website on Tuesday. A failure in the bank's electronic monitoring system meant that some 1.6 million transactions, affecting around 300,000 customers, were not controlled for money laundering between Oct. 30, 2014 and Dec. 6, 2018, the letter said.
Spain's largest lender Banco Santander said on Monday it will pay almost 1 billion euros (£892.6 million) to end an agreement between Allianz and Banco Popular over the distribution of insurance products. Banco Popular, saddled with debt, became the first bank to be wound down using new European rules aimed at avoiding taxpayer funded bailouts and was sold to Santander for a nominal one euro in June 2017. Santander agreed to pay 936.5 million euros for Allianz Group's 60% stake in Allianz Popular which distributed insurance products for Banco Popular in Spain.
Today we're going to take a look at the well-established Banco Santander, S.A. (BME:SAN). The company's stock received...
Safe-haven sovereign bonds surged and European stocks tumbled on Friday as investors feared President Donald Trump's shock threat of tariffs on Mexico risked tipping the United States into recession while disappointing China data added to the woes. The yield on Germany's 10-year government bond - regarded as one of the safest assets in the world - fell to a record low while U.S. yields slipped to near multi-year troughs. Markets also moved aggressively to price in deeper rate cuts by the Federal Reserve in 2019, parts of the curve inverted further, seen as a warning signal for recession in the world's largest economy.
European shares sank to a more than three-month low on Friday, with carmakers taking the hardest hit after President Donald Trump opened a new front in global trade tensions by threatening tariffs on Mexican imports. Trump's shock declaration on Thursday that all Mexican goods would face a 5% tariff from June 10 until illegal immigration is stopped had an immediate impact on financial markets globally, fanning fears of a global slide back into recession. Italy's FTMIB and Spain's IBEX, Britain's FTSE 100 and France's CAC 40 all slipped between 1% and 1.4%.
European shares sank to a more than three-month low on Friday, led by carmakers Volkswagen and Fiat Chrysler after President Donald Trump opened a new front in global trade tensions by promising tariffs on Mexican imports. Trump said all Mexican goods would face a 5% tariff from June 10 until illegal immigration is stopped, threatening to disrupt supply chains at a time when investors are again worrying about the threat of recession. All European sectors were in the red, as investors dumped stocks in favor of the safety of government bonds and Germany's DAX, which is particularly vulnerable to trade risks, dropped 1.3% to a two month low.
Fridman’s hostile bid for struggling Spanish grocer Distribuidora Internacional de Alimentacion SA won shareholder approval earlier this month. When DIA said in December it needed shareholders to stump up 600 million euros ($669 million) to cut debt, Fridman refused to bail out the discredited management team.