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SAN share (Madrid) Positivo_GB 4.1415 | 3.84% | 17:12

An Extraordinary General Meeting of Banco Santander shareholders has today approved the capital increase required to acquire the shares in Banco Santander Mexico currently held by minority shareholders, representing 24.95% of Santander Mexico’s capital. This investment will have a neutral impact on Banco Santander's earnings per share (by 2020-2021) and boost organic capital generation. The return on investment is expected to be approximately 14.5% by 2021.

 

The Group achieved an attributable profit of €3,231 million during the first half of 2019, down 14% year on year (yoy) after €814 million in charges relating primarily to restructuring costs incurred as part of the bank’s plans to reduce its annual cost base in Europe by 10% (€1 billion) as announced at the bank’s investor day on 3 April 2019. The charges include: restructuring costs in Spain (€600 million) and the UK (€26 million); and a further PPI provision in the UK (€80 million), in addition to the net charge of €108 million announced in the first quarter.