April 12, 2019 / 9:08 AM / 2 months ago

Santander to book Q1 charges of 100 mln euros in UK and Poland

SANTANDER, Spain, April 12 (Reuters) - Santander will book charges of 100 million euros ($113 million) in the first quarter as part of its ongoing cost cuts in the United Kingdom and Poland that involve branch closures.

“Finally, net charges totaling approximately 100 million euros, which includes the current optimization processes in the United Kingdom and Poland,” chief executive Jose Antonio Alvarez told shareholders in an annual meeting, without elaborating further.

In January, Santander announced plans to shut almost one-fifth of its branch network in Britain, expected to result in around 840 job losses.

$1 = 0.8846 euros Reporting By Jesús Aguado; editing by Andrei Khalip

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