Santander will save 1.6 billions due to cancellation of final 2019 dividend

MADRID (Reuters) – Santander’s executive chairman Ana Botin on Friday said that the bank’s cancellation of its final 2019 dividend would save the bank an additional 1.6 billion euros ($1.7 billion) in capital.

On Thursday, the lender canceled the payment of a final 0.13 euros per share dividend against its 2019 earnings to save the money to boost capital defences against the impact of the coronavirus outbreak.

Botin also said it was “now the time for Europe to rise to the occasion and lead a faster and more coordinated response” to the coronavirus.

(Reporting By Jess Aguado; editing by Emma Pinedo)