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SAN share (Madrid) 3.76 | 0.0% | 18:01


Santander Scrip Dividend

Santander will once again make its Scrip Dividend program available to ADR holders.

In 2009, Santander began providing its ADR holders payment options with respect to select company dividend payments. Based on the success of the previous Scrip Dividend programs, the Bank has decided to once again apply the same Scrip Dividend structure to the upcoming November 2015 dividend and give ADR holders the opportunity to choose how they would like to receive the compensation equivalent to their November dividend: new ADRs or cash (either a fixed amount payable by Santander or through the sale of their rights in the Spanish market).

Santander's flexible Scrip Dividend program enables ADR holders to choose a payment alternative that best fits their respective investment goals. Shortly before the November dividend payment date, Santander will issue one right for every share of Santander outstanding. ADR holders will be able to instruct, as applicable, their broker or J.P. Morgan, as depositary of Santander's ADR program, to convert the rights according to one of three options:

  • Receive new ADRs (this is generally the default option, no Spanish tax withheld),
  • Sell rights in the Spanish market for cash (no guaranteed price but no Spanish tax withheld), or
  • Receive a fixed amount of cash from Santander (Spanish tax withheld at a rate of 19.5%).1

A benefit for those who receive ADRs or sell their rights in the Spanish market will be that they will not be subject to Spanish withholding tax which applies to cash dividends. ADR holders who opt to receive cash by selling their rights back to Santander at the fixed price will incur a deduction of 19.5% on account of Spanish withholding tax as in any other cash only dividend, but will be certain of a fixed payment amount.1

We do encourage you to contact your broker directly (or J.P. Morgan if you are a registered ADR holder) in order to make your election or to determine how your previous Scrip Dividend election will be treated for purposes of the November Scrip Dividend.

For questions about the Scrip Dividend program please contact our information agent D.F. King & Co., Inc. at 1.800.735.3107.

Read on for more information regarding your choices:

Read on for more information regarding your choices:

Scrip information for registered shareholders (PDF 212 Kb) 

Scrip information for beneficial shareholders (PDF 199 Kb)

Santander Scrip Dividend Brochure (PDF 613 Kb)

Scrip Dividend Q&A for shareholders (PDF 188 Kb)  

1 A reduced tax rate may apply under an applicable tax treaty.

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