The board of directors of Banco Santander yesterday approved carry out a capital increase of up to 7,500 million euros (8,850 million), a reinforcement that allows you to “support the growth of economies in which it operates”.
With this capital increase, equivalent to 9.9 percent of the size of the entity chaired by Ana Patricia Botín , Banco Santander wants to “seize opportunities for organic growth” .
In a communication to the Comisión Nacional del Mercado de Valores (CNMV), the company said the board also approved a change in dividend policy, in which the payment is promoted although cash compensation is reduced to approximately 0.20 euros.
As for the capital increase, the bank said the forecast for economic growth in the markets where it operates confirms a change of cycle, it is estimated that in 2016 the economies of Portugal and Germany, all in the euro area will grow by about 2 percent.
Also considers that the economies of Brazil, UK, EU, Poland and Argentina will grow about 3 percent; and Mexico and Chile, up from 4 percent. “Therefore, strengthen the capital now allow the bank to seize opportunities for organic growth, increasing credit and market share in key markets,” said the entity that held the capital through the issue of up to 1,258 4 million shares, excluding preferential subscription rights for existing shareholders.
The action of Banco Santander fell 14.09 percent, its biggest hit since 1998 after expanding its capital at 7,500 million euro near 10 percent discount.
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