September 24, 2019 / 8:42 PM / a month ago

Santander books impairment of around 1.5 bln euros on UK unit

MADRID, Sept 24 (Reuters) - Spanish bank Banco Santander SA 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. ($1 = 0.9078 euros) (Reporting by Jesus Aguado, Editing by Sonya Dowsett and Rosalba O’Brien)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below