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SAN

Banco Santander S.A.

5/23/2013, 1:49 PM ET

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Friday, May 17, 9:35 PM Of the €208.2B in non-performing loans Spanish banks have refinanced (in order to avoid recognizing them as NPLs), nearly half are treated as though they are not distressed, dubiously eliminating the need to take provisions against them, FT says. These banks have until September to reclassify restructured loans under tougher guidelines, a mandate that will likely necessitate fresh provisioning at some institutions. Between them, Santander (SAN), BBVA, and Caixabank (CAIXY.PK) had €76B in refinanced debt on their books at the end of last year. 11 Comments [Financials, Global & FX]
Monday, May 6, 9:09 AM Bacon Bradesco (BBD) drops out of the bidding for Citigroup's (C) Brazilian consumer finance unit, according to a local newspaper, after getting no reply on its $1.49B offer. With Banco Santander (SAN) not yet indicating any interest, it could leave just Itau Unibanco (ITUB) as the lone potential buyer. 2 Comments [Financials]
Monday, April 29, 6:39 AM Santander (SAN) CEO Alfredo will step down to be replaced by Javier Marin. The resignation follows a long protracted legal battle over whether the exec should be kicked out of banking due to a previous criminal conviction. SAN +1.5% premarket. 39 Comments [Global & FX, Financials]
Thursday, April 25, 4:28 AM Santander (SAN): Q1 net profit -26% to €1.21B vs consensus of €1.31B, hurt by significant charges on property assets. Net interest income -14% to €6.65B, weighed down by low interest rates and recession in important markets. Latin America net profit -18%, U.K. -23%. Has returned €31B of estimated €35B cheap ECB loans. Expects 2013 profit to be "significantly higher" than the €2.295B earned in 2012. Shares -2.05% premarket. (PR) Comment! [Earnings, Financials]
Tuesday, April 9, 11:29 AM Banks this Friday will begin making payments to ~4.2M borrowers whose homes were in any stage of foreclosure in 2009-10. The payments, which will range from $300 to $125K, are compensation for the robo-signing scandal when bank employees said foreclosure documents were correct without reviewing them. Part of the settlement: BAC, C, GS, HBC, JPM, MET, MS, PNC, SAN, STI, USB, WFC. 34 Comments [Financials, U.S. Economy]
Wednesday, April 3, 7:50 AM Generating chatter from Fed critics is this Reuters report on the return of subprime lending in the auto business. Santander's (SAN) U.S. unit is one of the biggest sellers of securities backed by subprime auto loans. Less well-known is Exeter - originally backed by Goldman, now by Blackstone (BX) - the auto-finance company did $100M in business in 2010, $1B last year, and expects to hit $2.2B in 2015. 4 Comments [Financials, Consumer, U.S. Economy]
Thursday, February 14, 7:31 AM Spanish bank borrowing from the ECB fell to €298.7B in January from €313.1B previously, and from an all-time high of €388.7B in August. Money-market funds in search of returns are tiptoeing back into Europe, giving Spanish lenders a source of funds other than the central bank. Comment! [Financials]
Monday, February 11, 7:34 AM Spanish banks and the economy catch a break as EU officials waive a condition of last summer's bailouts which would have forced another wave of loan-loss set-asides. Officials say Spain should be allowed to have the same risk controls as the rest of the EU. In truth, the last thing the economy needs is even more credit tightening. 3 Comments [Global & FX, Financials]
Thursday, January 31, 4:50 AM More on Santander (SAN) Q4: net profit of €401M rises 8-9 fold from last year but comes in below consensus of €520M. Net interest income -5.2% to €7.15B vs forecasts of €7.3B. Bad loan ratio 4.54% at the end of December, 6.74% in Spain. For whole of 2012, sets aside €18.8B for bad debt but has now covered all of its Spanish government-enforced provisions for this purpose, so should "see a marked recovery in results" in 2013. To return €24B of cheap loans to ECB. Shares -1.7% premarket. 3 Comments [Financials, Earnings]
Thursday, January 31, 4:18 AM Santander (SAN): Q4 net profit of €401M. (PR) 1 Comment [Earnings, Breaking News, Financials]
Monday, January 21, 2:42 AM Santander (SAN) is reportedly considering bidding £2B ($3.2B) for National Australia Bank's U.K. operations, which comprise 337 Clydesdale and Yorkshire bank branches. Although the business is loss-making, it's attractive to Santander because it has a strong position in the small- and medium-sized business segment, where the Spanish bank is keen to expand as it prepares for an IPO of its British operations. Comment! [Financials, Top Stories, M&A]
Friday, January 11, 6:05 AM Santander (SAN) expects its profits to rebound this year after it finished making provisions in 2012 for debt that has gone bad because of Spain's property bust. "We expect our Spanish non-performing loans to peak at about 7% in the first half," said Chairman Emilio Botin, following which earnings will recover. In Q3, Santander's net profit plunged to €100M from €1.8B because of the write-downs. Comment! [Financials, Earnings]
Monday, January 7, 4:04 AM Credit Agricole (CRARF.PK) leads major European banks higher, rising 4.7% after regulators ease Basel liquidity rules, followed by Deutsche Bank (DB) +4.3%, Unicredit (UNCFY.OB) +4.3% and Barclays (BCS) +3.7%. Also, SocGen (SCGLF.PK) +3.4%, HSBC (HBC) +0.75%, Lloyds (LYG) +1.9%, Santander (SAN) +2%, RBS (RBS) +1.5%, UBS (UBS) +2% and Credit Suisse (CS) +3.4%. Italy's Banca Monte dei Paschi di Siena (BMDPY.PK) +15%. Comment! [Financials, On the Move, Top Stories]
Friday, January 4, 5:38 AM Santander (SAN) reportedly intends to reduce its headcount by 3,000 when it merges with its 110-year-old Banesto unit, a move that it announced last month. Santander said it would close 700 branches and warned of job losses, but it didn't give a figure. Comment! [Financials]
Wednesday, December 19, 2012, 7:10 AM Following a 5-month 43% move higher in the EUFN, the European financial sector is upgraded to Neutral from Sell at Credit Suisse. Earlier this week, Meredith Whitney turned bull on the U.S. financial sector after its torrid 2012 run. 3 Comments [Financials]
Thursday, November 22, 2012, 5:55 AM Banco Santander (SAN) confirms a report that it's considering an IPO of its Santander Consumer USA car-financing unit, with the listing part of an agreement signed with the business' other shareholders last year. Santander says it's too early to talk about timing, while the valuation will depend on the share price at the time of the IPO. A report says Santander is looking for a market cap of $6B. 2 Comments [Financials, Top Stories]

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