Santander: sells 49% of Spanish online bank to US fund
(CercleFinance.com) - Santander's Banco Popular will sell its 49% stake in Spanish online bank WiZink to Minneapolis-based investment firm Varde, the financial giant said on Monday.
At the same time, Santander will buy the debit and credit card business that WiZink acquired from Popular between 2014 and 2016, it said.
The deal will enable Santander to resume Banco Popular's debit and credit card business, facilitating the integration of Popular, it added.
Santander said it expects the net effect of both transactions to have a positive impact in its fully loaded common equity tier 1 (CET 1) ratio of approximately 10 basis points, without having any significant impact in the group's results.
At its annual general meeting last Friday, Santander presented a new, more modern brand image for the group, so as to reinforce its digital strategy.
Santander also announced its intention to pay a dividend of 23 cents per share from 2018 earnings, which would mean an increase of 4.5% compared with 2017.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
At the same time, Santander will buy the debit and credit card business that WiZink acquired from Popular between 2014 and 2016, it said.
The deal will enable Santander to resume Banco Popular's debit and credit card business, facilitating the integration of Popular, it added.
Santander said it expects the net effect of both transactions to have a positive impact in its fully loaded common equity tier 1 (CET 1) ratio of approximately 10 basis points, without having any significant impact in the group's results.
At its annual general meeting last Friday, Santander presented a new, more modern brand image for the group, so as to reinforce its digital strategy.
Santander also announced its intention to pay a dividend of 23 cents per share from 2018 earnings, which would mean an increase of 4.5% compared with 2017.
Copyright (c) 2018 CercleFinance.com. All rights reserved.