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Santander UK plans to close 95 of its 444 branches, putting around 750 jobs at risk, as part of a strategy to adapt to the growing trend of digital banking. The bank has seen a 63% increase in digital transactions since 2019, while branch transactions have decreased by 61%. Despite the closures, Santander maintains that its UK operations are a core part of its business model and is consulting with employee unions to support affected staff.
North Walsham will soon have a banking hub following Santander's announcement of branch closures due to a shift towards digital banking. The hub, managed by Cash Access UK, adds to existing hubs in several towns, with more planned for Thetford and Wymondham. Santander's UK branch count has significantly decreased from 13,345 in 2012 to 7,400 in 2023.
Greek fintech firm Qualco Group is exploring an initial public offering (IPO) to enhance its operations in Europe and the Middle East, with the Athens Stock Exchange as a potential listing venue. Currently, discussions are in the early stages, and no decisions have been finalized regarding the IPO's size or timeline. Qualco specializes in credit management, serving clients in over 30 countries, including major institutions like BNP Paribas and Banco Santander.
Spanish sports-tech startup Playtomic has secured a valuation of €250 million (US$273 million) after raising €55 million (US$59.79 million) in equity and obtaining a €10 million (US$10.9 million) loan from Banco Santander. The company, which offers a mobile app for booking racket sports courts, aims to expand globally, focusing on the United States, Britain, and Germany. Currently, Playtomic collaborates with 6,000 clubs across 63 countries and boasts 1.5 million active users monthly.
Banco Santander has received an upgrade from StockNews.com, moving from a "hold" to a "buy" rating, with a consensus rating of "Buy" among analysts. The bank reported a quarterly EPS of $0.21, meeting expectations, and announced an increased semi-annual dividend of $0.1152, reflecting a 2.4% yield. Recent trading activity showed a significant rise in call options, indicating heightened investor interest.
Morgan Stanley upgraded Banco Santander from "equal weight" to "overweight," with analysts giving it an average rating of "Buy." The stock saw a significant increase in call options trading, and it recently declared a higher semi-annual dividend of $0.1152 per share. Institutional investors have also increased their holdings in the bank, reflecting growing confidence in its performance.
Fisher Asset Management LLC has increased its stake in Banco Santander, now owning 143,585,152 shares valued at $732 million. The bank's stock rose 3.7% to $7.14, with analysts giving it a consensus "Buy" rating, despite some downgrades from firms like Goldman Sachs. Banco Santander recently announced a dividend increase, reflecting a payout ratio of 19.28%.
Banco Santander SA is planning to sell a portfolio of approximately €1 billion ($1.09 billion) in infrastructure loans, which includes financing for data centers and fiber-optic assets. Discussions with investors may lead to changes in the transaction, and Santander could ultimately decide not to proceed with the deal.
The ongoing wave of bank branch closures has left many communities, particularly the elderly, without access to in-person financial services. Santander's recent announcement of branch closures follows a trend where over 6,000 branches have shut since 2015, driven by a significant rise in digital transactions. Consumer advocates urge faster implementation of banking hubs to mitigate the impact on those unable to bank online.
Verizon has teamed up with Santander Bank to introduce digital high-yield savings accounts for its mobile and 5G Home customers, branded as Verizon + Openbank Savings, launching in April. These accounts promise interest rates ten times the national average and offer Verizon wireless bill credits of up to $180 annually. Customer onboarding will be facilitated through Openbank’s digital platform via the Verizon app, with deposits held by Santander Bank, expanding Verizon's financial services portfolio.
Banco Santander, S.A.
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