Banco Santander to Redeem $298.4M in Contingent Convertible Securities

Banco Santander, S.A. has announced its decision to exercise its option to redeem all of its outstanding 4.750% Non-Step-Up Non-Cumulative Contingent Convertible Perpetual Preferred Tier 1 Securities (CoCos). The total nominal amount to be redeemed is USD 298,400,000. The redemption will occur on the first optional early redemption date, November 12, 2026, and has been authorized by the European Central Bank. This decision is irrevocable.