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Santander books impairment of around 1.5 billion euros on UK unit

Santander books impairment of around 1.5 billion euros on UK unit
FILE PHOTO: A pedestrian walks past a branch of a Santander bank in London, January 11, 2010. REUTERS/Suzanne Plunkett/File Photo -
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Suzanne Plunkett(Reuters)
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MADRID (Reuters) – Spanish bank Banco Santander SA <SAN.MC> said on Tuesday it had completed a review of the goodwill ascribed to its Santander UK unit and had determined an impairment of around 1.5 billion euros (1.32 billion pounds).

The impairment was mostly as a result of a complex regulatory environment in Britain where retail banking must be separated from investment banking activities, the bank said in a statement released to the Spanish stock exchange.

The impairment will be booked in the third quarter, it said. The adjustment was also a result of an increase in market competition in Britain and economic uncertainty generated by the looming departure of Britain from the European Union.

The bank also said it would pay a dividend of 0.10 euros per share, effective from Nov. 1. Santander shareholders will now receive two annual dividend payments instead of four, it said.

(Reporting by Jesus Aguado, Editing by Sonya Dowsett and Rosalba O’Brien)

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