MADRID (AFP) .- The change in Banco Santander strategy announced by President Ana Botin, which favors the solvency and internal growth above the spectacular shopping for her father Emilio and generous dividends , was welcomed yesterday by analysts, but punished on the Exchange. Booty yesterday thanked the group’s shareholders for their “support and confidence in this new phase of growth,” after it announced it will grow its capital at 7.5 billion euros, in addition to drastically reduce the dividend.
That money, said Botín, will be used to “grow faster and faster”. However, shareholders seemed wary of it, given that Santander closed the week on the Spanish Stock Exchange with a drop of 14%, the highest of the group since October 1998. Shareholder return under the 2015 result will be 0 20 euro per share, compared to 0.60 euro gave above, to be paid, “as usual” in four payments.
The novelty of this scheme is that three times the dividend will be received in cash and the other in shares or cash at the option of the shareholder, so it will no longer use continuous emissions of new titles as payment. But as the total remuneration is trimmed 66.6% and goes from 0.60 to 0.20 euro, Botín said that the new policy provides a boost of cash. .
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