logo
Plus   Neg
Share
Email

Banco Santander To Report EUR 600 Mln Impairment; Backs Earnings, Dividend Goals

Banco Santander S.A. (BNC.L,BSBR,SAN), a Spanish retail and commercial bank, Wednesday announced that his Board has agreed to allocate 600 million euros as a goodwill impairment. The company further maintained its goal to increase dividend per share in 2017 and 2018; and earnings per share in 2017 and 2018, the latter by double digits.

The impairment includes 500 million euros as a result of the review of the Group's investment in Santander Consumer USA Holdings Inc or SCUSA. The impairment for SCUSA is driven by a reduction in the company's earnings relative to prior years. The impairment will be recognised in the fourth quarter.

At a Board meeting today in Brazil, the Board approved changes to its composition, as well as adjustments to the goodwill.

Further, the Board has agreed to appoint Ramiro Mato as Independent Director. He will also join the Board´s executive committee, as well as the Audit and the Risk Supervision, Regulation and Compliance Committees.

Matías Rodríguez Inciarte and Isabel Tocino will leave the board of directors to take on new roles.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Alphabet's subsidiary Loon LLC has secured its first commercial deal - to deliver 4G internet access to remote areas of Kenya using high-altitude balloons. Loon will partner with Telkom Kenya to deliver connectivity to parts of Kenya. Telkom Kenya announced Thursday that it has signed a definitive agreement with Loon to pilot a new 4G/LTE access network service in Kenya. The Cow Calendar era is coming to an end. Chick-fil-A said it is axing one of its well-loved products, the Cow Calendar. The 2018 Cow Calendar will be the chicken chain's last calendar. Chick-fil-A first launched the Cow Calendar in 1998 that featured cows as a new tool to convince people to eat more chicken. The calendars were popular not just for the pictures of funny Chick-fil-A cows. Japanese telecom giant Nippon Telegraph and Telephone or NTT has filed a patent for a blockchain technology-based new contract agreement method. NTT, the world's fourth-largest telecom provider, explains the ways to use the application to store contracts without tampering documents.
RELATED NEWS
Trade SAN now with 
Follow RTT