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    Patrick Lee

    Research Analyst at RBC Capital Markets

    Patrick Lee is an experienced Equity Analyst who has held significant research roles at global investment banks, including RBC Capital Markets, where he specialized in the financials sector with a focus on European banks. Over his career, Lee has provided strategic analysis on major banking institutions and has been recognized for his deep expertise and rigorous research coverage, delivering valuable insights to institutional clients. His career trajectory includes senior positions at Santander Corporate & Investment Banking as Executive Director of Equity Research for European Banks, and Director of Equity Research at Societe Generale Corporate and Investment Banking, as well as analyst roles at Macquarie Group and RBC Capital Markets. Lee holds professional qualifications in equity research and possesses a strong foundation in analyzing financial institutions, with a reputation for insightful coverage and leadership within the research teams he has joined.

    Patrick Lee's questions to Banco Santander (SAN) leadership

    Patrick Lee's questions to Banco Santander (SAN) leadership • Q1 2025

    Question

    Patrick Lee asked about the U.K. business, seeking comment on the potential financial impact of abolishing the ring-fencing regime and requesting an update on the structural hedge and NII outlook for the year.

    Answer

    CFO José Antonio García Cantera stated that while a simpler regulatory framework would be beneficial for the economy, the direct financial impact of removing ring-fencing on Santander would be 'negligible.' He provided details on the U.K. structural hedge (nearly EUR 110 billion at a 2.47% yield) and reiterated guidance for low single-digit NII growth, in line with volume growth.

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