Santander Sees No Material Impact From Portuguese Bailout
April 28 2011 - 3:56AM
Dow Jones News
Banco Santander SA (STD) said Thursday that the bailout of
Portugal will have no significant impact on its local unit
Santander Totta.
"The changed outlook that could result from the rescue plan
requested by the Portuguese government would have no material
impact on the group," Santander said in a press release.
It said Totta's net profit fell 34% on the year in the first
quarter, to EUR90 million. The unit holds EUR1.6 billion in
Portuguese public debt, contributes 3% to group profit and amounts
to 4% of Santander's overall portfolio, the bank said.
-By Christopher Bjork; Dow Jones Newswires; +34913958123;
christopher.bjork@dowjones.com
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