Banco Santander informed the market yesterday that, in application of the bank’s current shareholder remuneration policy, consisting of a total shareholder remuneration target of around 50% of the group’s ordinary profit, distributed approximately equally between cash dividend and share buybacks, the board of directors has approved to implement a share buyback program to which an amount equivalent to around 25% of Santander’s ordinary profit will be allocated in 1H2024, a program for an amount of approximately €1. 1.525 billion, for which it has already obtained the relevant regulatory authorization and which began to be executed yesterday.
Santander intends to execute the program in such a way that the maximum average price at which shares are acquired does not exceed the amount that corresponds to the tangible book value per share (TNAV per share) at the end of the last published quarter at any given time. At June 30, 2024, the TNAV per share was €4.94.
Maximum number of shares: the maximum number of shares to be acquired under the program will depend on the average price at which purchases are made, but will not exceed 1,481,224,550 shares. Assuming that the average purchase price of shares under the program is €4.60, the maximum number of shares to be acquired would be 331,521,739 (approximately 2.14% of SAN’s capital stock).
Duration: from August 27 to January 3, 2025. However, SAN reserves the right to terminate the repurchase program if, prior to its expiration date, it reaches the maximum monetary amount or if any other circumstance so advises.
Finally, Santander informed that the decision on the payment of the interim cash dividend against 2024 results will be submitted for approval to the Board of Directors of the entity on September 24.
