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Financials

Santander forecasts mid-term annual cost savings of 1.2 bln euros

MADRID, April 3 (Reuters) - Spain’s Santander on Wednesday said it aimed to achieve annual cost savings of 1.2 billion euros ($1.4 billion) as part of its mid-term targets set out in its Investor Day presentation.

The euro zones biggest lender in market value reiterated its target for return on tangible equity (ROTE) - a measure of profitability - to 13-15 percent and a Core Tier 1 fully-loaded capital ratio target of 11-12 percent in the medium term.

$1 = 0.8911 euros Reporting By Jesús Aguado; Editing Paul Day

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