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    Pablo de la Torre

    Director and Equity Research Analyst at RBC Capital Markets

    Pablo de la Torre is a Director and Equity Research Analyst at RBC Capital Markets, specializing in coverage of European financial institutions including companies such as Banco Sabadell, CaixaBank, AIB Group, and Close Brothers Group. He is recognized for issuing actionable investment ratings, with recent guidance and published targets for key names in the sector. De la Torre joined RBC from a background in financial analysis and has established himself as a knowledgeable voice on European banking stocks, publishing equity research and contributing to consensus forecasts for some of the largest publicly listed banks in Spain, Ireland, and the UK. He holds relevant regulatory credentials for securities analysis and investment research and maintains active coverage across major European stock markets.

    Pablo de la Torre's questions to Banco Santander (SAN) leadership

    Pablo de la Torre's questions to Banco Santander (SAN) leadership • Q1 2025

    Question

    Pablo de la Torre from RBC Capital Markets asked about the potential financial impact of abolishing the U.K.'s ring-fencing regime and requested an update on the U.K. structural hedge and NII outlook.

    Answer

    CFO José Antonio García Cantera stated that while a simpler regulatory framework would be beneficial for the U.K. economy, the direct financial impact on Santander from removing ring-fencing would be 'negligible.' He confirmed the U.K. structural hedge is nearly EUR 110 billion at a ~2.5% yield and that U.K. NII is expected to grow by low single digits for the year.

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