Banco Santander Authorizes $1.1 Billion Stock Buyback, Raises Dividend

By Aisha Al-Muslim

An American subsidiary of Madrid-based Banco Santander S.A. (SAN) plans to increase its quarterly cash dividend and repurchase up to $1.1 billion in shares.

Santander Holdings USA Inc., a wholly-owned subsidiary of Banco Santander, will make common dividends payments to Banco Santander of $125 million per quarter.

Santander Holdings USA's majority-owned subsidiary Santander Consumer USA Holdings Inc. authorized the share repurchase program through the end of the second quarter of 2020. The subsidiary will also hand out a quarterly dividend of 22 cents a share, an increase from 20 cents a share.

Santander Holdings USA is the parent company of six financial companies, including Santander Bank, with about 17,000 employees, 5.2 million customers and assets of more than $154.6 billion.

Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com

(END) Dow Jones Newswires

June 28, 2019 16:50 ET (20:50 GMT)

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