Santander Expects Sovereign To Be Profitable From 4Q 2008
26 Janvier 2009 - 12:34PM
Dow Jones News
Banco Santander SA (STD) expects its U.S. unit Sovereign Bancorp
Inc (SOV) to make a small profit in the fourth quarter, and then to
gradually increase profits, an executive said Monday.
The secretary of Santander's board, Ignacio Benjumea Cabeza de
Vaca, said at a shareholders meeting that the bank expects profits
to rise to slightly below $100 million in 2009. In 2010, it would
reach $250 million, he said, and in 2011, $750 million.
The Spanish banking giant had convened shareholders for an
extraordinary shareholders meeting to approve Santander's share
issue to buy the 75% of Sovereign it doesn't already own.
Company Web site: www.santander.com
-By Santiago Perez, Dow Jones Newswires; 34 91 395 8119;
santiago.perez@dowjones.com
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