The new president of Banco Santander, Ana Botin, has had today to shareholders his first speech since being appointed on Wednesday last week, the 10th.
that intervention, in addition to pay tribute to his father and former bank chairman Emilio Botin, is committed to maintain and pursue the strategy of geographical diversification and currency that the entity has developed, which, according to Ana Botin, has been one factor that has allowed Santander has been “one of only three major international financial institutions that has passed through the crisis without losses in a single quarter.”
The shareholders’ meeting has kept the tone sober that usually characterizes such acts, possibly somewhat more pronounced for the exceptional situation resulting from the recent death of former president but gave a sample of some formal modernization since the president instead of reading his opening statement of a few folios it has the ‘teleprompter’ that have been used so growing politicians and businessmen in his public appearances.
The intervention Ana Botín, very measured both in the part that referred to the work done by his father and explanation about the real reason of the board (the capital to buy around 25% stake in Santander Brasil), has had a final part that has reviewed recent developments in the group on the basis the results obtained in the first half noting that the positive trends in the group benefits with cumulative figures hold when it is about to finish the third quarter.
Ana Booty has excelled in this sense the evolution revenue, control costs, decrease the cost of credit and falling delinquency but acknowledged that Spain “is stabilized.”
As for the purchase of shares of Santander Brasil that are held by minority shareholders, Santander has 75% stake, the President has stated that in his opinion the transaction is beneficial for shareholders of the subsidiary to the parent as the first you are offered a 20% premium over the market price (although it is lower than the price of initial placement) and the matrix because analysts understand that the earnings per share of Santander will increase from the start.
Ana Booty has again reiterated the belief that the Brazilian economy will recover from the current downturn is going by and that the bank will draw the cuopta oportundiades to increase market share in that country, “still low” in his words, and take advantage large infrastructure projects that have raised the country to advise and finance so that the entity acquires a greater role.
Although the board had the sole agenda item operation Brazilian shareholders who spoke the they have used to raise specific problems like the problems of background Banif Estate broadcast Securities Santander and others in which Ana Botín has decided not to enter the bottom of them not being part of the object of the board although it has taken the chance for two issues: reasserting the role of Javier Marín as CEO of the bank noted that “we have worked together for many years and will continue to do so in coming” and claim the positive development of the Santander share for the crisis years compared the progress of Eurostock Bank.
Secretary bank has used his speech to remind shareholders that the vacancy on the board caused by the death of Emilio Botin may be filled by co-optation decided by the board and, if carried out, would be ratified at the next meeting of shareholders.
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