Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Santander books impairment of around 1.5 billion euros on UK unit

Published 09/24/2019, 04:45 PM
Updated 09/24/2019, 04:51 PM
Santander books impairment of around 1.5 billion euros on UK unit

MADRID (Reuters) - Spanish bank Banco Santander SA (MC:SAN) said on Tuesday it had completed a review of the goodwill ascribed to its Santander UK unit and had determined an impairment of around 1.5 billion euros ($1.65 billion).

The impairment was mostly as a result of a complex regulatory environment in Britain where retail banking must be separated from investment banking activities, the bank said in a statement released to the Spanish stock exchange.

The impairment will be booked in the third quarter, it said. The adjustment was also a result of an increase in market competition in Britain and economic uncertainty generated by the looming departure of Britain from the European Union.

The bank also said it would pay a dividend of 0.10 euros per share, effective from Nov. 1. Santander shareholders will now receive two annual dividend payments instead of four, it said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.