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Banco Santander says no material impact on deposits from Catalonia crisis
October 26, 2017 / 11:06 AM / in 2 months

Banco Santander says no material impact on deposits from Catalonia crisis

MADRID, Oct 26 (Reuters) - Banco Santander has seen no material impact on deposits in Spain linked to an independence bid by the wealthy region of Catalonia and has made no contingency plans contemplating the possibility of the region seceding, its chief executive said on Thursday.

“There has been a certain nervousness among clients within and outside Catalonia, but any movement (of deposits) has been immaterial,” Jose Antonio Alvarez told a news conference.

The bank expects to begin negotiating with unions over staff reductions caused by its integration of Banco Popular in the coming weeks, Alvarez said. (Reporting by Jesus Aguado, writing by Isla Binnie)

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