Santander to Raise Dividend Payout to 40%-50%
February 27 2019 - 1:32AM
Dow Jones News
By Pietro Lombardi
Banco Santander SA (SAN.MC) plans to raise its dividend payout
to a range of between 40% and 50% in the medium term and wants keep
the portion of dividend it pays in cash at least at last year's
level.
The increase in payout compares with the current 30%-40% range,
the Spanish bank said late Tuesday.
The move is to "to align ourselves with our European peers'
current practise," it said.
"The board has decided to propose to shareholders to retain the
option to use a scrip dividend," the lender said. It said it could
launch a share buyback.
"These proposals will provide the board with the required
flexibility to determine whether or not to use these mechanisms,
depending on the group's performance and its progress against the
targets set," the bank said.
Banco Santander said its shareholder meeting will take place in
the second week of April.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
February 27, 2019 02:17 ET (07:17 GMT)
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