SAN: Model update

研报英文原文证据摘录

SAN: Model update

Banco Santander, S.A.

Company description

SAN is a global retail and commercial bank. Emerging market exposure comes mainly from LATAM. In 2025, the bank announced

the acquisition of TSB in the UK, which was followed by the acquisition of Webster Bank in the US in 2026. In recent years, SAN

has been growing its Corporate & Investment banking division. The main countries that SAN operates in are Spain, Brazil, UK, US

& Mexico.

Required disclosures

Non-U.S. analyst disclosure

One or more research analysts involved in the preparation of this report (i) may not be registered/qualified as research analysts

with the NYSE and/or FINRA and (ii) may not be associated persons of the RBC Capital Markets, LLC and therefore may not be

subject to FINRA Rule 2241 restrictions on communications with a subject company, public appearances and trading securities

held by a research analyst account.

Conflicts disclosures

The analyst(s) responsible for preparing this research report received compensation that is based upon various factors, including

total revenues of the member companies of RBC Capital Markets and its affiliates, a portion of which are or have been generated

by investment banking activities of the member companies of RBC Capital Markets and its affiliates.

With regard to the MAR investment recommendation requirements in relation to relevant securities, a member company of Royal

Bank of Canada, together with its affiliates, may have a net long or short financial interest in excess of 0.5% of the total issued

share capital of the entities mentioned in the investment recommendation. Information relating to this is available upon request

from your RBC investment advisor or institutional salesperson.