April 12, 2019 / 9:30 AM / 2 months ago

Santander to book first-quarter charges of 100 million euros in UK and Poland

SANTANDER, Spain (Reuters) - Santander will book charges of 100 million euros (£86.5 million) in the first quarter as part of its ongoing cost cuts in the United Kingdom and Poland that involve branch closures.

“Finally, net charges totalling approximately 100 million euros, which includes the current optimization processes in the United Kingdom and Poland,” chief executive Jose Antonio Alvarez told shareholders in an annual meeting, without elaborating further.

In January, Santander announced plans to shut almost one-fifth of its branch network in Britain, expected to result in around 840 job losses.

Reporting By Jesús Aguado; editing by Andrei Khalip

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