4 October 2017 – Eje Prime
Santander is starting to decide how to reduce Popular’s stock of bank branches. The investment bank RBC Capital estimates that Santander should close around 560 branches to avoid duplication in the network, which would mean decreasing the total number of branches that the two entities own by 12%. If that is what ends up being carried out, Santander would free up 560 branches in prime and secondary locations for the retail sector.
In a report sent to its clients a few days ago, RBC’s analysts outline the reduction plan for Santander after meeting with directors of the entity during the second week of September, according to Expansión.
The company has set itself the objective of decreasing its branch network, which will generate a reduction in expenses of €500 million. But the cost of closing 12% of the branches would amount to €190 million, according to estimates from RBC.
Original story: Eje Prime
Translation: Carmel Drake