Latest news with #Botin
RTÉ News
03-07-2025
- Business
- RTÉ News
Santander bolsters presence in UK with acquisition of TSB for £2.54 billion
Spain's Santander has reached an agreement to acquire smaller rival Sabadell's UK unit TSB for initially £2.65 billion in an all-cash deal, subject to approval by Sabadell shareholders. Sabadell's decision to dispose of TSB offers the lender a potential defensive play as it seeks to stop a hostile takeover approach from another Spanish heavyweight, BBVA, while an eventual deal would give Santander the seventh-largest bank branch network in the UK in addition to its own. Santander, which is the euro zone's biggest lender by market value, said that the deal would help it become the third largest bank in the UK by personal current account balances. Should any deal for TSB eventually materialise, it would be the latest move towards consolidation in British banking, where smaller banks have struggled to steal market share from the dominant high street lenders. The acquisition would come at a time when Santander UK is booking subpar profitability compared to the Spanish bank's overall returns, prompting speculation about its commitment to the UK. Earlier this year Santander had been reviewing its business, with a pullback from the country among the options, a source said. Executive Chair Ana Botin has reiterated its commitment to the UK as a core market. "This transaction expresses our confidence in our strategy, but also in the UK market", Botin told analysts in a call. Santander expected the deal to generate a return on invested capital of over 20%, contributing to an increase in Santander UK's return on tangible equity from 11% in 2024 to 16% in 2028. It also expected cost synergies of at least £400m and the deal to result in earnings per share accretion from the first year and of around 4% in 2028 while consuming 50 basis points of CET1 capital at closing. Santander also said that it remained on track to deliver at least €10 billion in share buybacks from 2025 and 2026 earnings. Sabadell said that proceeds from the sale of TSB would be used to fund a 0.50 euro per share extraordinary cash dividend, equivalent to €2.5 billion, in addition to €1.3 billion of ordinary dividends expected to be paid from 2025 earnings. The initial price of £2.65 billion implied a multiple of 1.5 times TSB's book value, Sabadell said, adding that deal would be adjusted upwards to include profits generated from that date until completion in the first quarter of 2026, with the final price expected to rise to around £2.9 billion. Sabadell's CEO Cesar Gonzalez-Bueno described the sale as a strategic opportunity the bank could not overlook. "We will now focus our strategy on Spain, where we see significant growth potential in both business terms and share price performance relative to peers," he said. Sabadell said it would submit the deal to a required shareholders meeting on August 6 for its approval as it is the target of an offer by BBVA.
Yahoo
18-06-2025
- Business
- Yahoo
Santander approaches TSB-owner about high street banking merger
Santander has approached its fellow Spanish banking group Sabadell about a takeover of TSB, its British high street bank. Sky News has learnt that Santander is among the parties which have expressed an interest in a potential deal, months after its boss denied that it was seeking to offload the UK's fifth-largest retail bank. City sources said on Wednesday that Santander had not tabled a formal offer for TSB, and was not certain to do so. Money latest: However, the fact that it has contacted Sabadell about a possible transaction involving TSB suggests that Ana Botin, the Santander chair, may be open again to expanding its presence in Britain's high street banking market. The extent of the overlap between the two companies' UK branch networks was unclear on Wednesday morning. Santander, which like other banks has been engaged in an extensive branch closure programme for some time, now has roughly 350 UK branches, while TSB operates roughly half that number. The value that TSB, which was acquired by Sabadell in 2015 from Lloyds Banking Group, might attract in any takeover is also unclear. Sabadell is in the middle of attempting to thwart a hostile takeover by rival Spanish bank BBVA - a deal revealed by Sky News last year - with a disposal of TSB said to be on the cards regardless of whether or not that bid is successful. Ms Botin insisted that the UK remains a core market for Santander in the wake of speculation that she might sanction a sale of the business. The company recently confirmed a Sky News report that Sir Tom Scholar, the former top Treasury official sacked by Liz Truss during her brief premiership, was joining the bank's UK arm as its next chairman. NatWest Group, which recently returned to full private ownership, was reported to have submitted an offer worth about £11bn for Santander UK. No discussions are ongoing about such a deal. NatWest, Barclays and HSBC have also been touted as potential suitors for TSB, although at least two of those three banks are thought to have little interest in bidding. TSB was effectively created from the ashes of the 2008 financial crisis, when a vehicle set up to acquire assets from distressed banking groups lost out in an auction to a bid from the Co-operative Bank. That deal fell through when it emerged that the Co-operative Bank itself was in a perilous financial state. Sabadell explored a sale of TSB about five years ago, but opted to retain the business. Goldman Sachs is thought to be advising Sabadell on the prospective sale of TSB. Read more from Sky News:Inflation slows but no rate cut likelyWestern goods in Russian shops despite sanctionsCo-op discount offer after cyberattack Responding to a report in the Financial Times on Sunday that TSB had been put up for sale, Banco Sabadell said: "Banco Sabadell confirms that it has received preliminary non-binding expressions of interest for the acquisition of the entire share capital of TSB Banking Group plc. "Banco Sabadell will assess any potential binding offer it may receive." Santander declined to comment. The TSB process emerged just hours after Sky News had revealed that Metro Bank, the high street lender, had been approached by Pollen Street Capital, the private equity firm, about a possible takeover. The absence of a statement from either party implies that the approach was rejected and that Pollen Street has abandoned its interest, at least temporarily.
West Australian
09-06-2025
- Sport
- West Australian
Spain triumph in New York for consecutive SailGP wins
Reigning champions Spain have put in a battling performance on the second day of the sixth round of SailGP, beating New Zealand and France in the final race in New York to clinch consecutive wins as the season reached the halfway point. Coming off their season's first victory in San Francisco in March, Diego Botin's team went five points clear into day two and overcame a slump in race five to make the top three. With shifting winds in the shadows of the Statue of Liberty on Sunday, Spain took control of the showdown on the Hudson River with an impeccable start, arriving three seconds ahead of New Zealand at gate two and three, and held their lead to clinch the victory. Peter Burling's New Zealand, winners in New York last year, lost more distance in the final stages and reached the finish line 43 seconds behind the Spaniards. The win saw Spain move up two places in the championship table on 46 points as they moved above three-times champions Australia, who finished fifth in New York, by one point. "America is a special place for us and it's amazing to win again here," Spanish driver Botin said. But it was not all smooth sailing for Spain on the event's final day. They started off well with a second-placed finish in the day's opening race four, 16 seconds behind Brazil, who won their first-ever fleet race at SailGP since joining the league at the beginning of the season. The Brazilians, who sat fifth after day one, were hopeful of a top-three finish, and were well positioned for just that when they finished fourth in the next race. A tricky race five, meanwhile, did a lot of damage to Spain, who were 11th and dropped from top spot to fourth in the event standings. Botin's crew earned a penalty in the decisive race six but made massive gains and got ahead of Brazil on the second-to-last leg to secure a spot in the event final. Australia held onto their early lead to win the sixth race, grabbing their second victory of the event after they came out on top in the second race on Saturday. France, who sailed very consistently on both days, put in a flawless performance to pick up a win in race five. The season next moves to Europe, first returning to Britain as the fleet races in Portsmouth from July 19-20 before heading to Germany in August for the very first time.
Perth Now
09-06-2025
- Sport
- Perth Now
Spain triumph in New York for consecutive SailGP wins
Reigning champions Spain have put in a battling performance on the second day of the sixth round of SailGP, beating New Zealand and France in the final race in New York to clinch consecutive wins as the season reached the halfway point. Coming off their season's first victory in San Francisco in March, Diego Botin's team went five points clear into day two and overcame a slump in race five to make the top three. With shifting winds in the shadows of the Statue of Liberty on Sunday, Spain took control of the showdown on the Hudson River with an impeccable start, arriving three seconds ahead of New Zealand at gate two and three, and held their lead to clinch the victory. Peter Burling's New Zealand, winners in New York last year, lost more distance in the final stages and reached the finish line 43 seconds behind the Spaniards. The win saw Spain move up two places in the championship table on 46 points as they moved above three-times champions Australia, who finished fifth in New York, by one point. "America is a special place for us and it's amazing to win again here," Spanish driver Botin said. But it was not all smooth sailing for Spain on the event's final day. They started off well with a second-placed finish in the day's opening race four, 16 seconds behind Brazil, who won their first-ever fleet race at SailGP since joining the league at the beginning of the season. The Brazilians, who sat fifth after day one, were hopeful of a top-three finish, and were well positioned for just that when they finished fourth in the next race. A tricky race five, meanwhile, did a lot of damage to Spain, who were 11th and dropped from top spot to fourth in the event standings. Botin's crew earned a penalty in the decisive race six but made massive gains and got ahead of Brazil on the second-to-last leg to secure a spot in the event final. Australia held onto their early lead to win the sixth race, grabbing their second victory of the event after they came out on top in the second race on Saturday. France, who sailed very consistently on both days, put in a flawless performance to pick up a win in race five. The season next moves to Europe, first returning to Britain as the fleet races in Portsmouth from July 19-20 before heading to Germany in August for the very first time.
The Advertiser
08-06-2025
- Sport
- The Advertiser
Spain take SailGP day one spoils, Aussies sixth in NY
Spain enjoy the lead after day one of the sixth round of the SailGP season, picking up the win in the opening race in New York as Diego Botin's team are well positioned for consecutive victories. Defending series champions Spain, who won the San Francisco event in March, made it look easy despite light winds and strong tides as they took the first win on Saturday. Competing against one of the most famous skylines in the world on the iconic Hudson River, they sailed away from the fleet and led at mark one before sealing a 14-second lead over second New Zealand on the finish line. After a brilliant opening performance, Spain were off to a turbulent start in the second race but finished fourth, moving up from last position at the start line. They started at the back once again in the third and last fleet race of the day but moved themselves up into the third to lead overnight on 25 points before day two of the event on Sunday. Spain, led by Olympic champion driver Botin, are five points ahead of second-placed Denmark and France in third. "These boats are so complicated to sail and if you get the conditions that we had today with the puffiness of the breeze, the waves made by the current and also [four people on board], then it's super tricky," Botin said. "We managed to get a good start and keep it ... did a good job as a team". Australia and Brazil were going head to head in the second race before Tom Slingsby's team, now rebranded as the BONDS Flying Roos after new celebrity co-owners Hugh Jackman and Ryan Reynolds were announced on Thursday, took the win. New Zealand, winners in New York last year, won the third race but 11th spot in the second saw them finish fourth for the day. The race was brought forward due to a storm forecast later in the day, and started two and a half hours earlier than originally scheduled. The global racing championship is back into action after a brief hiatus with the cancellation of May's Rio event. Spain enjoy the lead after day one of the sixth round of the SailGP season, picking up the win in the opening race in New York as Diego Botin's team are well positioned for consecutive victories. Defending series champions Spain, who won the San Francisco event in March, made it look easy despite light winds and strong tides as they took the first win on Saturday. Competing against one of the most famous skylines in the world on the iconic Hudson River, they sailed away from the fleet and led at mark one before sealing a 14-second lead over second New Zealand on the finish line. After a brilliant opening performance, Spain were off to a turbulent start in the second race but finished fourth, moving up from last position at the start line. They started at the back once again in the third and last fleet race of the day but moved themselves up into the third to lead overnight on 25 points before day two of the event on Sunday. Spain, led by Olympic champion driver Botin, are five points ahead of second-placed Denmark and France in third. "These boats are so complicated to sail and if you get the conditions that we had today with the puffiness of the breeze, the waves made by the current and also [four people on board], then it's super tricky," Botin said. "We managed to get a good start and keep it ... did a good job as a team". Australia and Brazil were going head to head in the second race before Tom Slingsby's team, now rebranded as the BONDS Flying Roos after new celebrity co-owners Hugh Jackman and Ryan Reynolds were announced on Thursday, took the win. New Zealand, winners in New York last year, won the third race but 11th spot in the second saw them finish fourth for the day. The race was brought forward due to a storm forecast later in the day, and started two and a half hours earlier than originally scheduled. The global racing championship is back into action after a brief hiatus with the cancellation of May's Rio event. Spain enjoy the lead after day one of the sixth round of the SailGP season, picking up the win in the opening race in New York as Diego Botin's team are well positioned for consecutive victories. Defending series champions Spain, who won the San Francisco event in March, made it look easy despite light winds and strong tides as they took the first win on Saturday. Competing against one of the most famous skylines in the world on the iconic Hudson River, they sailed away from the fleet and led at mark one before sealing a 14-second lead over second New Zealand on the finish line. After a brilliant opening performance, Spain were off to a turbulent start in the second race but finished fourth, moving up from last position at the start line. They started at the back once again in the third and last fleet race of the day but moved themselves up into the third to lead overnight on 25 points before day two of the event on Sunday. Spain, led by Olympic champion driver Botin, are five points ahead of second-placed Denmark and France in third. "These boats are so complicated to sail and if you get the conditions that we had today with the puffiness of the breeze, the waves made by the current and also [four people on board], then it's super tricky," Botin said. "We managed to get a good start and keep it ... did a good job as a team". Australia and Brazil were going head to head in the second race before Tom Slingsby's team, now rebranded as the BONDS Flying Roos after new celebrity co-owners Hugh Jackman and Ryan Reynolds were announced on Thursday, took the win. New Zealand, winners in New York last year, won the third race but 11th spot in the second saw them finish fourth for the day. The race was brought forward due to a storm forecast later in the day, and started two and a half hours earlier than originally scheduled. The global racing championship is back into action after a brief hiatus with the cancellation of May's Rio event. Spain enjoy the lead after day one of the sixth round of the SailGP season, picking up the win in the opening race in New York as Diego Botin's team are well positioned for consecutive victories. Defending series champions Spain, who won the San Francisco event in March, made it look easy despite light winds and strong tides as they took the first win on Saturday. Competing against one of the most famous skylines in the world on the iconic Hudson River, they sailed away from the fleet and led at mark one before sealing a 14-second lead over second New Zealand on the finish line. After a brilliant opening performance, Spain were off to a turbulent start in the second race but finished fourth, moving up from last position at the start line. They started at the back once again in the third and last fleet race of the day but moved themselves up into the third to lead overnight on 25 points before day two of the event on Sunday. Spain, led by Olympic champion driver Botin, are five points ahead of second-placed Denmark and France in third. "These boats are so complicated to sail and if you get the conditions that we had today with the puffiness of the breeze, the waves made by the current and also [four people on board], then it's super tricky," Botin said. "We managed to get a good start and keep it ... did a good job as a team". Australia and Brazil were going head to head in the second race before Tom Slingsby's team, now rebranded as the BONDS Flying Roos after new celebrity co-owners Hugh Jackman and Ryan Reynolds were announced on Thursday, took the win. New Zealand, winners in New York last year, won the third race but 11th spot in the second saw them finish fourth for the day. The race was brought forward due to a storm forecast later in the day, and started two and a half hours earlier than originally scheduled. The global racing championship is back into action after a brief hiatus with the cancellation of May's Rio event.
