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Santander; Litigation Risk Story, Tends To Be More An Equity Impact

FINANCIALS

Santander (SAN SM) one of weakest in SXXP in early trade on press reports (FT) that UK arm was involved in Iran's evasion of Western sanctions.


  • Lloyds Banking (LLOY LN) was also named and is performing less badly, both companies have put generic holding statements out via spox.
  • We obviously have little visibility to such things but it’s hardly like litigation risk is new for banks in general and these events have tended to impact equity investors (via reduced payouts) rather than the credit stacks.

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