Santander to Invest EUR20 Billion in Four Years in Digitalization and Technology
03 Aprile 2019 - 9:49AM
Dow Jones News
By Pietro Lombardi
Banco Santander SA (SAN.MC) will invest more than 20 billion
euros ($22.4 billion) over the next four years in digitalization
and technology as it aims to boost profitability and growth.
The investment in technology and digitalization will improve
customer experience and their loyalty while also cutting costs, the
Spanish bank said Wednesday ahead of its investor day in London.
Improving capital allocation and operational performance, as well
as speeding up digitalization, are among the key focus of the
bank's new plan.
Spain's largest bank confirmed its main financial targets, which
include an underlying return on tangible equity--a key measure of
profitability--of 13% to 15% and a core tier 1 ratio of between 11%
and 12% in the medium term.
It also targets a dividend payout of 40% to 50% and incremental
annual cost savings of EUR1.2 billion.
The bank is simplifying its management structure.
"Our focus remains on driving greater loyalty within our
customer businesses, and leveraging our global scale to accelerate
investments in digitalization and capitalizes on cross-border
flows," Executive Chairman Ana Botin said.
Santander achieved its 2018 targets, which included a
double-digit growth in EPS, a core tier 1 ratio above 11% and a
RoTE above 11.5%.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
April 03, 2019 03:34 ET (07:34 GMT)
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