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Santander mulls £15bn float of British arm, reports
Thu, 09 Feb, 2012
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Santander mulls £15bn float of British arm, reports
Sun, 7 Feb 2010, 13:12:00
Spanish banking giant
Santander
is reportedly mulling a flotation of its British operations on the London Stock Exchange. If the plans are to go ahead, the demerged business would go straight into the FTSE 100 with a value of more than £15bn, according to a report in the Sunday Times. A float would mark a return to the stock market for Abbey, Alliance & Leicester and the savings arm of Bradford & Bingley, which were all acquired by Santander since 2004. The Spanish bank recently rebranded its Abbey, Alliance & Leicester and Bradford & Bingley branches to operate under the Santander banner. Last week the group sent jitters around the European banking sector as it made provisions of €9.48bn against 2009 earnings, 44% higher than 2008. Generic loan-loss reserves came to €6.72bn, covering provisioning needs for 2010 and 2011. Santander still hit its its profit target in 2009, helped by a strong improvement by its UK operations. Net interest income jumped to €26.3bn from €20.95bn the year before while attributable profit to the group edged up to €8.94bn from €8.88bn in 2008.
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