II Editor
05 Jul 2016
NEW ARTICLE: Has Banco Santander SA got too much debt? "Looking at the liabilities in on Santander's (LSE:BNC) balance sheet -- well over a trillion euros -- might cause shareholders to blanch. But remember that a bank is not like other companies, and money is its business. Owain Bennallack owns ..."[link]
Uncle Doug
23 Jun 2016
Nice 4% rise today ...and more tomorrow I expect
Hardcore Uproar
29 May 2016
The crisis returns www.wolfstreet.com/2016/05/28/spain-banking-crisis-is-back-banco-popular-capital-npl/
eardrumbuzz
04 May 2016
Re: FAO 5 iron Tony and Sara?
5 Iron
03 May 2016
Re: FAO 5 iron Can't remember the name of the guy who was behind it all now. He and his wife. Someone will recall.
eardrumbuzz
02 May 2016
FAO 5 iron Who did you mean by Dr Specter here? Asher?[link]
Market Guru
29 Apr 2016
Headcount Reductions in Spain; likely to be replicated in other countries too! Cost cutting measures being introduced in Spain, expect similar 'opportunities' to be explored in Brazil, UK and the USA subsidiaries!......As part of the efficiency measures underway for Santander Spain and the corporate centre, on 29 April, an agreement was signed between Banco Santander and union representatives that gives details of the conditions that will form the basis for the staff reorganisation. In a financial and economic environment that is forcing sector profitability down, increasing regulatory costs, the digital revolution and changing customer habits, Banco Santander started an ambitious project on cultural transformation and on the commercial model within the entire Group just over a year ago.Additionally, Santander has always been a benchmark amongst its international competitors in terms of efficiency, thanks to a business model that combines a strong corporate centre and critical mass in ten core markets. To maintain this leadership, in the context of our transformation plans, this year we have done a more in-depth and rigorous review of our costs and opportunities, enabling us to build a stronger, more profitable and efficient bank, providing a more agile and better quality service to our customers.On 31 March, José Antonio Álvarez, Chief Executive Officer of Banco Santander, announced a series of measures aimed at “accelerating the commercial transformation of Santander Spain and building a corporate centre that more efficiently supports our growth over the next decade.”One of the consequence of these measures is a reduction in the number of people working at the corporate centre and at Santander Spain. In this context, a period of meetings with the workers' representatives was opened, which lasted almost one month and ended with an agreement signed by 86% of union representatives.The Bank's objective at all times is for this process to be carried out with transparency and with utmost care for the employees involved. Therefore:The agreed-upon conditions are some of the best to be offered recently in the Spanish financial sector.A special effort is being made to relocate as many employees as possible to the Group's other units or countries.Furthermore, the Bank has an outplacement plan in place which will use the services of a leading company that specialises in the financial sector. The target is for the majority of people who sign up for this programme to find work in a reasonable period of time. The CEO, José Antonio Álvarez, thanked all the negotiating teams of the unions and the Bank for "the efforts they have made in recent weeks to reach an understanding, which have culminated in this agreement”.
infra-penny
17 Apr 2016
Re: Cost cutting In Spanish urban areas you can pretty much stand anywhere and see two or more Santander branches. And they are grossly overstaffed compared to the uk models. There are huge savings to be made here, assuming customers are moving to online and mobile banking at anything like the rate we are in the uk.
5 Iron
16 Apr 2016
Re: Cost cutting All the banks are closing hundreds of branches in uk. HSBC have closed 6 within 10 miles of me in last 2 years.
Hardcore Uproar
05 Apr 2016
Re: Cost cutting Shows just how strong the Spanish economy is after 8 years!
Rosycheeks
04 Apr 2016
Cost cutting It may be a cost cutting measure but Santander are axing hundreds of branches in Spain and I know for sure that three have gone near me. Got to be a stock for the bottom drawer.
paulcynric
31 Mar 2016
Re: Management Statement at AGM today An interesting read. With the global diversity of this company one would consider that long term it will keep making money. I like the fact that they do re invest in themself and have a steady growth strategy. At around 300p I'd say it is a reasonable price to get in and sit on this for the longer term.
Market Guru
22 Mar 2016
Management Statement at AGM today Some comments made at today's AGM by Ana Botin / Jose Antonio Alvarez......draw your own conclusions.....The Bank's general shareholders’ meeting was held today in the city of Santander (Cantabria, Spain) with more than approximately 2,000 shareholders in attendance. The quorum reached was a record 57.63%. The meeting approved the annual accounts and results for the 2015 financial year; designated the external accounts auditor for the 2016, 2017 and 2018 financial years; modified the Bylaws and Meeting Regulation adapting them to new legislative requirements; and made a bonus share issue to pay one of the dividends for 2016 through the Santander Dividendo Elección scheme.The president of the bank, Ana Botín, and CEO, José Antonio Álvarez, both spoke during the shareholders’ meeting.The president's main message was:“It is the board's intention to increase the share dividend for 2016 by 5%”. “The total dividend would be 21 euro cents per share, of which 16.5 would be paid in cash and 4.5 could be paid either in shares or cash. The cash amount paid would increase by 10%”. “In 2015, we managed to invest for the future and generate a profit. In 2016 and 2017, despite the economic setting, our goal is to grow profits and dividends per share”. “We are going to use our 6,000 million of profits to pay more cash dividends, strengthen our capital base and sustain profitable growth”. “With the revenue from 2015 we are going to pay a cash dividend of 2,268 million euros, which is practically double what was distributed in 2014, the year in which 1,143 million euros was paid”. “We are a company with a clear mission. We exist to contribute to the progress of people and of companies”. “There are three aspects to our competitive advantage: our critical mass in the ten key markets; close and personalised relations with tens of millions of clients; our geographic diversification in Europe and America”. “Our strategy for the coming years is focused on organic growth in our main markets. Our objective is to increase our market share, and to do so with greater profitability. This means developing enduring relations with our clients, and offering better products and services at a better price”. “We have a great opportunity to grow in our largest markets as we have demonstrated this year: In Spain, our 1|2|3 strategy has been successful. We have already surpassed a million new accounts and in 2016 we will reach two million new clients. In the United Kingdom, our loyalty strategy has helped us to increase net profits by 61% since 2012. In Brazil, we are generating higher profits each year through an increase in customer affiliation, our discipline in expenses and our credit quality”. “It is a pleasure to announce the creation of an International Advisory Board, chaired by Larry Summers, former Treasury Secretary of the United States. All of its members have led the digital transformation of their organisations or have held positions at the highest level of their professional field”.
Hardcore Uproar
19 Mar 2016
Spanish banks are in real trouble. www.wolfstreet.com/2016/03/19/catalonia-flirts-with-default-threatens-spains-debt/
II Editor
14 Mar 2016
NEW ARTICLE: When to take FTSE 100 seriously "FTSE this week, GBP vs. USD and SantanderDon't get used to us doing three major reports for a Monday morning. The Formula One season is close to starting, with the result we'll have better ways to employ our weekends. Back in the olden days, ..."[link]
