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January 8, 2015 • 10:33
<- Subtitle -> <- // NAO & Eacute!; BBC - INI // -> <- // Author Home // -> <- Author fim // // -> <- // NAO & Eacute!!!; ! BBC - FIM // ->
The Spanish Banco Santander, first eurozone capitalization, announced Thursday a special meeting of its board of directors to approve a capital increase of up to 7,500 million euros.
This amount “represent approximately 9.9% of bank capital before enlargement. This operation is performed through an accelerated bookbuilding “Santander said in a statement.
The managers of the bank, based in the city the same name in the north of Spain, must also undertake a reorientation of the dividend policy.
Because of this announcement, the trading of its shares on the Bombay Stock Exchange was suspended at 13h50 (12h50 GMT ).
Santander did not specify the objective of this measure but as the financial agency Bloomberg its new president Ana Botín wants to strengthen bank balance sheets as some investors are concerned that they are weaker than other competitors.
The last capital of this size by Santander dates back to late 2008. Then raised capital in 7,200 million euros to strengthen its equity ratio, since the transfer of assets was not enough.
The bank experienced in recent months a major refurbishment of its direction with the arrival of Ana Botín in September, which took over the banking empire after the death of her father Emilio at age 79. This had led the bank in the past 28 years.
The strict management of the group and its vast international network enabled the Santander avoid the wreck of the Spanish banking sector following the bursting of the housing bubble in . 2008
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