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Santander to lift payout by 5%

Euro's - Banco Santander plans to increase its dividend by 5% - SantanderCB

Banco Santander plans to increase its dividend by 5% and has appointed former US Treasury secretary Lawrence Summers to chair a new digitally focused advisory board. Chairman Ana Botín told shareholders on Friday that the banking group plans to use its 2015 earnings of Eur 6bn to pay a higher portion of its dividend in cash, strengthen its capital base and boost lending. Santander aims to raise its 2016 dividend to Eur 0.21 a share - from Eur 0.20 in 2015 - paying Eur 0.165 in cash. The remaining Eur 0.045 would be paid in additional shares, called a 'scrip' dividend. The cash element of the payout is 10% larger. The move comes at a time when other big banks are scaling back – Deutsche Bank has scrapped its dividend and Standard Chartered and Barclays have cut their payouts. 'In 2015, we invested for the future and delivered profits. In 2016 and 2017, despite the environment, our ambition is to grow earnings and dividend per share,' Ms Botín said at the annual meeting. Meanwhile, Lawrence Summers is to head a group to advise Santander on digital developments and risks within banking. He also serves on the board of US fintech groups Square and Lending Club. 'The true power of technology to transform lives emerges when it is adopted and distributed by companies like ours,' Ms Botín said. 'The way we internalise and adapt to new technology ... will determine our success.'

 

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