Santander books impairment of around 1.5 billion euros on UK unit
Reuters
Published Sep 24, 2019 04:45PM ET
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.
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Written By: Reuters
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