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Santander and BBVA are negotiating with the European Central Bank (ECB) for more favorable capital treatment of their insurance business stakes, which currently count as deductions from capital for most Spanish banks. The ECB's "Danish commitment" allows certain banks to risk-weight these investments instead. This comes amid a broader trend of banks seeking growth through insurance to counteract declining interest margins.
Spanish banks Santander and BBVA are in talks with the European Central Bank (ECB) to secure more favorable capital treatment for their insurance holdings, which currently count as direct capital deductions for most banks. The ECB's 'Danish compromise' allows certain banks to risk-weight these investments instead. This comes as banks seek new growth avenues amid declining interest rates, with the ECB recently denying Banco BPM's request for similar capital treatment for its acquisition plans.
Santander has engaged Barclays and Goldman Sachs to facilitate an initial public offering for Ebury, a payments firm it majority owns. The IPO is anticipated around May or June on the London Stock Exchange, with a projected valuation of approximately £2.5 billion ($3.22 billion). Ebury, part of Santander's PagoNxt global payments platform, recently appointed Bruce Carnegie-Brown as chairman in preparation for the listing.
Santander has announced a total cash dividend of 0.21 euros per share for 2024, marking a 19% increase from the previous year. The board proposed a final cash dividend of 0.11 euros, subject to shareholder approval on April 4, with payments scheduled for May 2. Total shareholder remuneration will be around 6.3 billion euros, approximately 50% of its attributable profit, alongside a plan for up to 10 billion euros in buybacks from 2025 and 2026 earnings.
Jesús Aguado
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