MADRID:

The Pak Banker - - FRONT PAGE - San­tander to boost cap­i­tal and cut div­i­dends in Botin shake-up

San­tander's new chief Ana Botin con­tin­ued her shake-up of the Span­ish lender on Thurs­day with plans to boost its cap­i­tal with a 7.5 bil­lion euro ($8.8 bil­lion) share sale and a cut to its div­i­dends. The euro zone's big­gest bank had long been un­der scru­tiny over its cap­i­tal lev­els and had stuck to what some an­a­lysts said was an over­gen­er­ous div­i­dend pol­icy in the years since the 2007 global fi­nan­cial cri­sis. "I think it's the right thing to do. They needed to strengthen their cap­i­tal base," said Fran­cois Savary, chief in­vest­ment of­fi­cer at Swiss bank and fund man­age­ment group Reyl, which owns some San­tander shares. San­tander has weath­ered a deep eco­nomic cri­sis at home in re­cent years, helped by rev­enue from key over­seas mar­kets such as Brazil and Bri­tain.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.