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Banco Santander
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28 июля, 14:23

Santander cuts back lending amid Bank of England concern over personal debt

Consumer finance lending such as car loans and credit cards falls, as bank vows not to cut rates further for 123 accountSantander has reduced its mortgage lending and its loans for car purchase amid Bank of England warnings about reckless lending and a “spiral of complacency” over mounting consumer debt.Its total mortgage lending fell by £1bn to £11.6bn in the first half of 2017 compared with 2016, with lending for buy-to-let down significantly. Net lending – which takes into account how many people remortgaged away from Santander – fell over the half year by £200m. Continue reading...

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27 июля, 15:45

Should You Buy Banco Santander Chile (BSAC) Ahead of Earnings?

Banco Santander Chile (BSAC) is seeing favorable earnings estimate revision activity and has a positive Zacks Earnings ESP heading into earnings season.

26 июля, 17:04

Why WisdomTree (WETF) Might Disappoint in Q2 Earnings

WisdomTree Investments (WETF) is likely to report lower asset under management in Q2 due to outflows in internationally hedged products.

17 июля, 20:42

HERE WE GO AGAIN? New U.S. Subprime Boom, Same Old Sins: Auto Defaults Are Soaring. Subprime car …

HERE WE GO AGAIN? New U.S. Subprime Boom, Same Old Sins: Auto Defaults Are Soaring. Subprime car loans have been around for ages, and no one is suggesting they’ll unleash the next crisis. But since the Great Recession, business has exploded. In 2009, $2.5 billion of new subprime auto bonds were sold. In 2016, $26 […]

17 июля, 09:25

Европейские индексы завершили пятницу смешанно

В пятницу, 14 июля, ключевые фондовые индексы европейского региона продемонстрировали смешанную динамику. Продвижению акций компаний сектора коммодитиз противостояло отступление бумаг региональных банков. Что касается вышедших статистических данных, профицит торгового баланса еврозоны за май увеличился по сравнению с апрелем с 17,9 млрд евро до 21,4 млрд евро. По итогам сессии французский CAC 40 показал нулевое изменение, а британский FTSE 100 ослаб на 0,47%, тем временем, немецкий DAX скатился на 0,08%. При этом региональный индикатор STXE 600 вырос на 0,18%, достигнув отметки в 386,84 пункта. Рыночная капитализация региональных кредиторов Deutsche Bank, Banco Santander и BNP Paribas уменьшилась на 0,91%, 0,94% и 0,93% соответственно вслед за коллегами из США. Три крупных представителя отрасли JPMorgan, Wells Fargo и Citigroup зафиксировали снижение выручки от трейдинговых операций, что было воспринято рынками негативно.

14 июля, 21:21

Santander to compensate disgruntled Popular clients

Spain's Banco Santander is to offer perpetual bonds as part of a commercial offer to compensate some retail clients who acquired shares and subordinated debt of Banco Popular and were wiped out when the bank was wound down. Silvia Antonioli reports. Subscribe: http://smarturl.it/reuterssubscribe More updates and breaking news: http://smarturl.it/BreakingNews Reuters tells the world's stories like no one else. As the largest international multimedia news provider, Reuters provides coverage around the globe and across topics including business, financial, national, and international news. For over 160 years, Reuters has maintained its reputation for speed, accuracy, and impact while providing exclusives, incisive commentary and forward-looking analysis. http://reuters.com/ https://www.facebook.com/Reuters https://plus.google.com/u/0/s/reuters https://twitter.com/Reuters

07 июля, 18:25

Europe Financials ETF (EUFN) Hits a New 52-Week High

Europe Financials ETF hit a new 52-Week high amid greater optimism in the region.

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04 июля, 19:01

Banco Santander выпустит новые акции на сумму $8,04 млрд

Испанский банк Banco Santander планирует осуществить размещение акций на общую сумму 7,1 млрд евро ($8,04 млрд). Сообщается, что в рамках сделки, около 1,46 млн акций будут размещены с дисконтом среди существующих акционеров– по цене 4,85 евро за каждую. При этом акционеры должны будут до 20 июля принять решение о своем участии в увеличении капитала банка. Ожидается, что новые акции начнут торговаться на бирже 31 июля. Банк также озвучил свои ожидания по поводу размера чистой прибыли за первое полугодие. Так, по оценке кредитора, показатель вырос на 24% г/г до 3,6 млрд евро. При этом отчет по квартальным результатам будет обнародован 28 июля.

Выбор редакции
04 июля, 17:07

Banco Santander выпустит новые акции на сумму $8,04 млрд

Испанский банк Banco Santander планирует осуществить размещение акций на общую сумму 7,1 млрд евро ($8,04 млрд). Сообщается, что в рамках сделки, около 1,46 млн акций будут размещены с дисконтом среди существующих акционеров– по цене 4,85 евро за каждую. При этом акционеры должны будут до 20 июля принять решение о своем участии в увеличении капитала банка. Ожидается, что новые акции начнут торговаться на бирже 31 июля. Банк также озвучил свои ожидания по поводу размера чистой прибыли за первое полугодие. Так, по оценке кредитора, показатель вырос на 24% г/г до 3,6 млрд евро. При этом отчет по квартальным результатам будет обнародован 28 июля.

03 июля, 20:25

Фунт оборвал восьмидневный рост, так как индекс PMI оказался ниже прогноза

Фунт впервые за 9 дней снижался против доллара после того, как индекс британской промышленности показал более низкие, нежели прогнозировалось, значения за июнь, что усиливает сомнения вокруг перспектив для экономики.   Фунт снижается против всех, кроме одной основной валюты, после того, как индекс менеджеров по закупкам IHS Markit снизился до 54.3 в прошлом месяце против пересмотренной оценки 56.3 за май. Данные выше 50 указывают на рост, однако замедление сигнализирует о том, что неопределенность вокруг Brexit влияет на компании и домохозяйства. Облигации правительства компенсировали снижение, доходность эталонных десятилеток выросла до максимального значения с февраля. Пара GBP/USD снижается на 0.5% до 1.2966; уровень поддержки на 1.2946, это минимум с 30 июня. “Индекс PMI, похоже, подтверждает ослабление активности, хотя фундаментально индекс остается на хорошем уровне”, - заявил Стюарт Беннетт, глава валютных стратегий G-10 в Banco Santander SA. У таких данных есть прямой потенциал для противостояния ястребам Банка Англии. Фунт же может сдать часть своего роста, набранного за последнее время. Британская валюта достигла максимума за месяц против доллара на прошлой неделе, доходность облигаций выросла на неожиданно ястребиной риторике чиновников Банка Англии, кульминацией которой стало заявление главы Банка Англии Марка Карни о том, что ужесточение политики может быть вполне уместным. Несмотря на недавнюю ястребиную риторику со стороны Банка Англии, аналитики Goldman Sachs и HSBC сохраняют медвежьи позиции по фунту, тогда как в HSBC прогнозируют его снижение до $1.20 к концу года. Доходность десятилеток выросла до 1.28%, коснувшись ранее 1.31% - максимума с 16 февраля. Pound Halts Eight-Day Advance as U.K. PMI Falls Below Forecast, Bloomberg, Jul 3Источник: FxTeam

14 июня, 15:50

Why Banco Santander (BSBR) Could Be a Top Value Stock Pick

Banco Santander (BSBR) seems to be a good value pick, as it has impressive value metrics, and is seeing solid earnings estimate revisions as well.

Выбор редакции
09 июня, 12:00

This Is How A "Bail-Out" Becomes A "Bail-In"

Authored by Simon Black via SovereignMan.com, Here’s the perfect example of how insane our financial system has become. It was announced yesterday that, after a 24-hour white-knuckled ride, Spanish banking giant Banco Popular had been sold to Banco Santander for the price of just 1 euro. Note- that’s 1 euro in TOTAL. Not 1 euro per share. Banco Popular had once been one of Spain’s largest banks. But just as certain banks tend to do from time to time, Popular sacrificed responsibility and good conduct for quick profits. They spent years gambling their depositors’ savings away on idiotic, dangerous, pitiful loans. And those bad loans eventually came back to bite them. The modern business of banking is all about pooling customer deposits together and making various loans and investments with those funds. Safe, responsible banks make sensible investments. They maintain extremely high loan standards. And they keep a SUBSTANTIAL rainy day fund set aside in case those loans and investments go bad. Banco Popular did none of those things. Back in 2006 during the height of the real estate bubble, for example, Popular maintained a liquidity ratio of less than 2% according to its annual report that year. This means that over 98% of its customers’ savings had been gambled away on bad loans and bad speculations. Eventually those risky loans started failing, and the bank started losing money. Last year alone Popular lost 3.5 billion euros, which is about as much as they earned in all of the bubble years combined. Fearing for the banks ability to continue servicing its customers, European regulators stepped in on Tuesday and forced a fire sale. Banco Santander “won” that auction, again, paying a symbolic price of just 1 euro. This means that Banco Santander will now inherit all the toxic loans (and consequent losses) that Popular had on its books. The insanity here is that Santander had almost no time to conduct its due diligence, i.e. research the business to understand what they were buying. Banco Popular had a balance sheet worth over $150 billion with hundreds of thousands of different loans. It would take months to even begin scratching the surface of such a massive balance sheet. By comparison, the last time I bought a business I paid $6 million and spent more than a year conducting due diligence. Santander bought a $150 billion business and spent less than 24 hours trying to understand what they were buying. This is nuts. And ENORMOUSLY risky for Santander. But perhaps even more insane is that this deal is now being hailed by European governments and financial media as a wonderful solution to the looming problem of bank insolvency. It doesn’t take a rocket scientist to understand that this problem wasn’t really solved. It was just transferred from one bank to another. The assets are still toxic. They just happen to be owned by Santander now. Most importantly, Banco Popular is FAR from alone. Here in Italy, in fact, a number of smaller banks are teetering on insolvency. And regulators have been scrambling trying to find potential suitors to copy this shotgun wedding ‘solution’. But so far, no success. Not a single bank in Italy has sufficient capital to absorb the toxic debts of another. Plus the government itself is totally bankrupt. So basically an insolvent government and insolvent large banks are trying to figure out how to bail out insolvent smaller banks. It’s total madness. And this is the important lesson: eventually they run out of options. There’s no one left to bail out a bad bank… no taxpayers, no white knight, no bondholders, no shareholders. Nobody. Except for depositors. This is when a “bail out” becomes a “bail in”, and the depositors get stuck with the bill. Bottom line: This matters. It’s your money at stake. Don’t simply assume that your bank is in good condition. Examine their financial statements and find out for sure. Don’t keep 100% of your life’s savings at a single institution. Make sure you diversify. If a bail-in ever occurs, it will be the largest depositors who get hit first. And definitely consider diversifying geographically. Avoid keeping everything in the same country, especially if that country is bankrupt– the bail-in risk is much higher. The world is a big place and there’s a ton of opportunity out there, including plenty of responsible, conservative places to bank. And it’s hard to imagine you’ll be worse off because a portion of your savings is in a safe, well-capitalized bank.

08 июня, 14:57

Frontrunning: June 8

U.K. Election Remains Tight as Voters Head to the Polls (WSJ) Trump Will Be Watching Comey Just Like the Rest of Us (BBG) What we know about U.S. probes of Russian meddling in 2016 election (Reuters) ECB Drops Reference to Future Interest-Rate Cut (WSJ) Euro zone growth revised up to highest rate in two years (Reuters) Italy ruling party says deal on new electoral law 'dead', markets rally (Reuters) U.K. Housing Weakens Further as Market Emits 'Ominous' Signals (BBG) UK arrests three as footage of London Bridge attack appears online (Reuters) China's Top Property-Bubble Prophet Says Prices Set to Soar (BBG) BOJ Is Said to Mull How to Communicate Eventual Stimulus Exit (BBG) Iran minister calls Trump's condolences for attacks 'repugnant' (Reuters) The U.A.E. Needs Qatar’s Gas to Keep Dubai’s Lights On (BBG) Gulf states squeeze Qatar as U.S., Kuwait probe for solution to row (Reuters) House Set to Pass Bill Rolling Back Wall Street Rules (WSJ) Elliott's Singer Warns System May Be More Leveraged Than 2008 (BBG) Hedge Fund Looks to Shake Up BHP Billiton’s Board (WSJ) Athens to seek growth package at Eurogroup (Kath) Brazil’s JBS Says It Won’t Sell Core Assets (WSJ) Greece says Colombian gangs plundering hospitals Europe-wide (Kath) Bodies, debris found in search for missing Myanmar aircraft (Reuters) Boeing’s Rookie Plane Boss Plots Assault on Airbus With New Jets (BBG)   Overnight Media Digest WSJ - Brazilian meatpacker JBS SA said it won't sell core assets in the U.S. or elsewhere, including its majority stake in U.S. chicken processor Pilgrim's Pride. on.wsj.com/2r82GNq - Google is coming across some unusual challenges as it seeks to capture eye-level imagery of the most remote parts of the globe. on.wsj.com/2r862QC - Penguin Random House, majority owned by Bertelsmann SE, said that it has acquired the literary merchandise company Out of Print for an undisclosed sum. on.wsj.com/2r7ZuBD - More than 70 countries and jurisdictions signed an agreement limiting the ability of multinationals to exploit divergences between tax treaties, a practice known as "treaty shopping" that enables companies to pay lower taxes. The agreement is part of an attempt by the Organization for Economic Cooperation and Development to limit companies' ability to shift profits to low-tax locations. on.wsj.com/2r8rTHO - Uber Technologies Inc has fired a top executive who obtained medical records of a woman raped by her Uber driver in India, and then shared the documents with Chief Executive Travis Kalanick, according to a person briefed on the matter. on.wsj.com/2r8rVPW - Samsung Electronics Co said that it will invest about $760 million to double its production capacity for mobile phones and refrigerators in India, a critical market for the world's largest smartphone maker. on.wsj.com/2r8cIyb   FT - French laundry services group Elis SA reached a preliminary agreement to take over its UK rival Berendsen Plc in a deal that values it at 2.2 billion pounds ($2.85 billion). - About 13 percent of Royal Bank of Scotland Group Plc shareholders still have not accepted an offer from the bank to settle a high-profile legal case. The undecided investors have until June 20 to accept the offer. - Former UBS compliance officer Fabiana Abdel-Malek is facing insider-trading charges after being accused by the financial watchdog of passing on information between 2013 and 2014. She will be appearing in court next week along with Walid Choucair, who is accused of trading on the information received from Abdel-Malek. - Banco Santander SA has agreed to buy domestic rival Banco Popular Espanol SA for 1 euro after EU authorities declared the Madrid-based lender “failing or likely to fail.” Santander said that it planned to raise 7 billion euros in fresh capital to rebuild the balance sheet of Banco Popular.   NYT - Uber Technologies Inc has fired a senior executive who obtained the medical records of a woman who was raped by an Uber driver in India, the latest example of misconduct unearthed at the ride-hailing giant. nyti.ms/2rDD0fv - Authorities in Frankfurt and Brussels declared that Banco Popular was essentially a lost cause and sold it to Banco Santander SA, Spain's largest bank. The swift action by European Central Bank and European Union officials defied critics who said a system for winding down sick banks, put into place at the end of 2014, was too unwieldy to deal with a fast-moving crisis. nyti.ms/2rDxmJW - The New York Times Co said on Wednesday that it had promoted Meredith Kopit Levien, who had been its chief revenue officer since 2015, to executive vice president and chief operating officer, as part of a restructuring of The Times's digital departments. nyti.ms/2rDMqaJ   Canada THE GLOBE AND MAIL ** Quebec's subsidy for consumer purchases of electric vehicles is an extremely expensive way of reducing greenhouse gas emissions, with the cost calculated at C$395 per tonne of carbon dioxide eliminated, Ecofiscal Commission says in a report to be released on Thursday. (tgam.ca/2sivKXh) ** Ottawa has unveiled a plan to boost military spending by more than C$30 billion over the next decade – much of it to pay for the ballooning cost of new warships and fighter jets – while leaving the bulk of the new expenditures until after the next election. (tgam.ca/2sErVcw) ** A female executive will be taking the helm for the first time as chair at the Investment Industry Association of Canada. Charyl Galpin, executive vice-president, managing director and head of private client division at BMO Nesbitt Burns, has been appointed chair of IIAC's board of directors for the 2017-18 term. (tgam.ca/2rPb1YB) NATIONAL POST ** The Organization for Economic Co-operation and Development projects Canada's gross domestic product will grow by 2.8 percent during 2017, double last year's pace, fuelled by gains in household wealth, a pick-up in oil and gas industry investment, low interest rates and government spending. (bit.ly/2s7lr8X) ** There were more than two million electric vehicles on roads around the world in 2016, according to a new report released by the International Energy Agency, but Canada still lags among global leaders when it comes to electric car stock and infrastructure. In 2016, 11,580 electric vehicles were sold in Canada, or just 0.59 per cent of the total car market. (bit.ly/2rYXOOM) ** Flair Airlines Ltd has purchased the assets of airline seat reseller NewLeaf, a move the British Columbia charter airline hopes will attract new investors as it aims to expand its commercial operations. NewLeaf, which is not an airline but a reseller of seats, had partnered with Flair to provide its aircraft and crews when it launched last summer. (bit.ly/2rPbbzh)   Britain The Times Top shareholders in WPP Plc have attacked the company's failure to put in place a proper succession plan for the chief executive, mounting a fresh rebellion over pay and governance at the FTSE 100 advertising group. bit.ly/2sF8XSX British shareholders in Banco Santander SA will be asked to dig deep into their pockets to fund the multibillion-euro rescue of a failing Spanish lender that the European Central Bank has warned will collapse without support. bit.ly/2sF1Gmb The Guardian Oil industry company Halliburton Co has been branded "obscene" for advertising unpaid UK internships, which critics say give an unfair advantage to people from privileged backgrounds. bit.ly/2sFlk1x The Telegraph Berendsen Plc has succumbed to a takeover proposal from French rival Elis SA, after the offer was raised for a second time to 2.2 billion pounds ($2.85 billion). bit.ly/2sEXx1D The plot to attack the London Bridge could have been hatched at a KFC restaurant in east London, it has emerged, following claims that two of the suspects worked there at the same time. bit.ly/2sEXGSJ Sky News BT Group Plc has picked a new auditor to replace PricewaterhouseCoopers LLP(PwC), months after the emergence of a 530 million pounds accounting crisis in its Global Services division. bit.ly/2sF8Wyc L'Oreal SA's hopes of obtaining a bumper price for The Body Shop, the British-based ethical cosmetics retailer, have been dented by projections for a slump in profits this year. bit.ly/2sFqQ40 The Independent Theresa May will fail to secure a comprehensive free trade agreement with the rest of the EU by 2019 in a development that would mean a destructive "cliff-edge" Brexit for the United Kingdom, the Organisation for Economic Co-operation and Development (OECD) has predicted. ind.pn/2sF4xv8

07 июня, 19:01

Santander buys Banco Popular in face-saving deal

EUROPEAN authorities yesterday announced the immediate sale of Spain’s Banco Popular to compatriot Banco Santander to avert a looming failure of the troubled bank. The European Central Bank, in its capacity

07 июня, 17:27

Relieved RBS bosses should spare a thought for the claimaints

Royal Bank of Scotland’s abrasive tone, and its seemingly freewheeling approach to racking up legal fees, have felt wrongNow we know: Royal Bank of Scotland’s rights issue in 2008 wasn’t a £12bn cash call, it was a £13bn affair. The extra £1bn is how much Fred Goodwin’s successors have spent settling and fighting claims from irate retail investors who thought the rights issue document was misleading.The latest settlement with RBS Action Group, worth about £200m, will probably bring an end to the process. One can’t yet say so definitively, because some claimants outside the group haven’t formally accepted, so the judge left the door ajar for a trial. But the diehards have only limited time in which to demonstrate they have the funds to continue, so a revival of proceedings is a long shot. Goodwin and three other former RBS directors can breathe more easily. They probably aren’t going to be called as witnesses. Continue reading...

Выбор редакции
07 июня, 15:41

Banco Santander приобретет Banco Popular за 1 евро

Испанский банк Banco Santander заявил, что приобретет проблемного представителя отрасли Banco Popular Espanol и заплатит за него символическую сумму в 1 евро. Стоит отметить, что в результате сделки будет образован крупнейший в стране банк по объему депозитного и кредитного портфелей. Banco Santander также объявил о выпуске бумаг на сумму 7 млрд евро ($7,88 млрд) в рамках сделки, которые будут использованы для расширения капитала и обеспечения резервов Popular с целью улучшения состояния его баланса.

Выбор редакции
07 июня, 14:44

Santander приобретает `терпящий крах' испанский банк Popular

(Bloomberg) -- Banco Santander SA согласился приобрести Banco Popular Espanol SA после того, как европейские регуляторы установили, что проблемный банк может рухнуть и потребовали его продажи.Santander привлечет около 7 миллиардов евро путем допэмиссии акций, чтобы укрепить баланс Popular, приобретаемого за 1 евро, говорится в сообщении банка...

07 июня, 14:15

Spain's Banco Popular Bailed In, Acquired By Santander For €1.00

Just four days after Banco UnPopular chairman Emilio Saracho told his employees "don't panic" as a result of the company's crashing stock price, on Wednesday morning the ECB confirmed that the sixth largest Spanish bank was indeed on the verge of collapse and ordered it to be sold, which is what happened when Santander acquired the bank for €1.00 after Santander's equity and riskiest debt instruments were bailed-in, i.e. wiped out, imposing losses of about €3.3 billion on the bank’s securities holders. This transaction was bad news for the company's equity and holders of contingent convertible AT1 and AT2 holders, who have the distinction of holding the first major bank capital bonds to be bailed-in/wiped out under new EU regulations. While Banco Popular senior debt is 12 points higher this morning, the AT1 perps are trading at 5%, down 50 points. As Mint's Bill Blain notes, "we’ve not seen crashes like that since 2008." The ECB forced the transaction, blaming what it called a "significant deterioration of the liquidity situation of the bank in recent days" in concluding that it "would have, in the near future, been unable to pay its debts or other liabilities." Elke König, Chair of the Single Resolution Board, an EU agency that winds down stricken banks, said that intervention had been needed overnight. The mechanics: in the first use of Europe's newsly adopted bail-in mechanism, Popular would see shares resulting from the conversion of its riskiest debt and Tier 2 instruments wiped out, imposing losses of about 3.3 billion euros on the bank’s securities holders. Concurrently, Popular would be acquired by Spain's biggest bank, Santander for a nominal €1.00. To fund the deal, Santander will raise €7 billion through a rights offer to bolster Popular’s balance sheet, it said in a filing. The lender will acquire Popular for 1 euro after its stock and shares resulting from the conversion of its riskiest debt and Tier 2 instruments were wiped out, imposing losses of about 3.3 billion euros on the bank’s securities holders. The rescue, which followed a declaration by the ECB that Banco Popular was set to be wound down, marks the first use of an EU regime to deal with failing banks adopted after the financial crisis. It breaks the mould of using taxpayers' money, instead imposing steep losses on shareholders and some creditors of the bank, a step two debt investors described as unexpected. As we had reported over the past month, Popular, Spain's sixth biggest bank, has long struggled and repeatedly asked shareholders for fresh money. Popular’s 37 billion euros of non-performing assets, the legacy of real estate-linked lending before Spain’s property crash, drained profit and capital, forcing new Chairman Emilio Saracho to say in April that the bank would need to sell new shares or find a buyer. The situation had deteriorated in recent days, with its market value falling by about half in a week to 1.3 billion euros. The most recent acceleration in the company's bank run compounded its funding problems, triggering its sale. It is unclear if today's "rescue" will stem the deposit withdrawal. ???? Here's some background to explain why Santander has bought Banco Popular for €1 https://t.co/JoyGmiGTBC pic.twitter.com/jMZcofglp2 — Bloomberg (@business) June 7, 2017 As Reuters notes, unlike Italy, which has been grappling for years with the problems of its lenders, the Spanish reaction to the problem lender was prompt. Furthermore, and in contrast to the banking crisis that unfolded in 2008, the move in Spain was also accepted with calm on stock markets and European bank shares moved upwards. "This shouldn't pose any real problems for other banks," said Aberdeen Asset Management Head of Credit Research Laurent Frings. "But it does show that there is real risk in investing in these second-tier names." In an attempt to ease concerns, Spanish Economy Minister Luis de Guindos said that Santander's takeover was a good outcome for Popular given its situation in recent weeks and it would have no impact on public resources or on other banks. “It’s a unique opportunity at a very good time in the cycle," Santander Chairman Ana Botin said in a presentation to analysts. Annual cost synergies of almost 500 million euros per year from 2020 will give Santander some of the best efficiency ratios in Spain and Portugal, the bank said. In a separate television interview, Botin said that the bank was notified at 6. a.m. today that it had won the bid for Popular. Santander won an auction carried out by the SRB and Spain’s bank rescue fund FROB to buy Popular without taxpayer support, the bank said. Adding Popular’s business will create the biggest banking business in Spain with 17 million customers. Santander fell as much as 3.4 percent to 5.6 euros, before paring declines to 5.77 euros as of 10:42.a.m. in Madrid.  Botin presented the business case for the hastily-organized deal, arguing that the combination of the two would strengthen the group's geographic reach as the economy in Spain and Portugal improved. "We welcome Banco Popular customers," she said. However, Banco Popular's customers, having come this close to losing their money, may just decide to keep it in the mattress instead. And while the transaction has yet to be fully digested, here are some initial sellside reactions, courtesy of Bloomberg. BLOOMBERG INTELLIGENCE (Scott Mc Evatt) Santander’s opportunistic acquisition of Popular fits into group’s strategy to boost SME exposure However, doubt over deal is likely to center on Popular’s sizable non-performing assets Santander’s plans to boost coverage on real-estate NPAs should provide some comfort, though target of reducing these assets appears bold MIZUHO (Roger Francis) Deal is probably “excellent” for Santander in medium term, though it may weigh on earnings in the first or second year Takeover adds significant business to Santander in terms of SME-lending and credit-card clients albeit with considerable real-estate exposure and non-performing loans that are largely behind Popular’s capital writedowns Sees little impact on wider European banking sector as investors now recognize the situation poses no new dangers to the financial system KEPLER CHEUVREUX (Carlos Garcia) Santander downgraded to hold vs buy and removed from Spanish top picks on risks from acquisition Limited time for due diligence on Popular’s real-estate exposure and bad loans and other potential risks and costs involved in breaking up the joint ventures raises doubts on whether the measurement of risks has been adequate Combined entity will lose market share; Kepler says doubtful that Popular will be easy to integrate given its “different” risk management Kepler expects litigation for “mis- selling” will require reimbursement of amount invested, given that most of the Tier 2 is held by retail clients; would not rule out litigation from AT1 holders NATIXIS (Robert Sage and Alex Koagne) Santander’s acquisition of Popular in a deal approved by European regulators shows that weaker parts of region’s banking system are being addressed; fall in systemic risk is positive for wider industry Sees Popular as containing attractive retail/SME franchise with higher returns and margins Santander will need to convince investors Popular’s non-performing assets are properly marked after the takeover Rates Santander neutral with PT EU6

07 июня, 13:02

Фондовые индексы Европы изменяются разнонаправленно

Европейские фондовые индексы изменяются разнонаправленно в среду в ожидании ключевых для рынка событий, в том числе заседания Европейского центрального банка (ЕЦБ) и парламентских выборов в Великобритании, пишет MarketWatch.