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Santander shareholders promised €10billion 2008 net profit as they approve A&L bid
Santander, Europe's second largest bank, is better prepared than its competitors to ride out the current financial markets' crisis, Chairman Emilio Botin told shareholders at an EGM held today.
At the same meeting, shareholders also approved a proposed takeover of UK mortgage lender Alliance & Leicester.
'Faced with this difficult domestic and international operating environment, we are better placed than our competitors,' Botin told shareholders, but added that
'we need to remain vigilant'.
Botin highlighted Santander's strong balance sheet and potential for recurrent profits from its retail banking business, 'which have allowed us to post consistent earnings growth.''We are really in a magnificent position compared with our competitors,' he added.
In support of the A&L takeover, Santander shareholders also approved a capital increase to fund the company's £1.3 billion all-share acquisition.
Santander will issue just over 143.37 million new shares, representing approximately 2% of its enlarged share capital, to finance the deal.
Last Tuesday, the Alliance & Leicester shareholders approved the operation.
Botin justified the acquisition of Alliance & Leicester due to its position in a market with strong growth potential, where Santander is already present through its Abbey National unit, bought in 2004.
Despite growing turbulence in the financial markets, Santander's board is maintaining its 2008 net profit target of €10 billion, Botin said.
At the same meeting, shareholders also approved a proposed takeover of UK mortgage lender Alliance & Leicester.
'Faced with this difficult domestic and international operating environment, we are better placed than our competitors,' Botin told shareholders, but added that
'we need to remain vigilant'.
Botin highlighted Santander's strong balance sheet and potential for recurrent profits from its retail banking business, 'which have allowed us to post consistent earnings growth.''We are really in a magnificent position compared with our competitors,' he added.
In support of the A&L takeover, Santander shareholders also approved a capital increase to fund the company's £1.3 billion all-share acquisition.
Santander will issue just over 143.37 million new shares, representing approximately 2% of its enlarged share capital, to finance the deal.
Last Tuesday, the Alliance & Leicester shareholders approved the operation.
Botin justified the acquisition of Alliance & Leicester due to its position in a market with strong growth potential, where Santander is already present through its Abbey National unit, bought in 2004.
Despite growing turbulence in the financial markets, Santander's board is maintaining its 2008 net profit target of €10 billion, Botin said.
Mon, 22nd Sep 2008