Sophie Ramsay

Sophie Ramsay asked about Santander's renewed focus on the US market, specifically the Northeast, given previous exits from West Coast operations, and requested a breakdown of the 140 basis points capital impact from the Webster acquisition, including goodwill and other adjustments.

Answer

Executive Chair Ana Botín clarified that the focus is on the Northeast, where the combined entity will be a top-five player, transforming Santander US into a full-service retail commercial bank. She emphasized that the acquisition accelerates the path to 18% ROTE in the US. CFO José García Cantera explained the 140 basis points impact, attributing 110 basis points to the cash portion of the price and the remaining 30 basis points to DTAs and increased risk-weighted assets from translating US dollar-based models.