Banco Santander, S.A. provides various financial products and services to individuals, small and medium-sized enterprises, large corporations, and public entities worldwide. The company operates through five segments: Retail & Commercial Banking, Digital Consumer Bank, Corporate & Investment Banking, Wealth Management & Insurance, and Payments. It offers demand and time deposits, mutual funds, and current and savings accounts; mortgages, consumer finance, loans, and various financing solutions; and project finance, debt capital markets, global transaction banking, and corporate finance services. The company also provides credit and debit cards, real estate loans, microfinance, and auto loans; corporate and investment banking services; advice on mergers and acquisitions; wealth, asset, and risk management services; and digital payments and technology solutions. In addition, it is involved in the securitization, leasing, management of portfolios, e-commerce, air transport, aircraft rental, software, consulting, fund and investment management, renewable energy, vehicle rental, insurance, advertising, marketing, telemarketing, automotive, agricultural, factoring, securities brokerage and investment, pension fund management, trade intermediary, venture capital fund, renting, restaurant, electricity production, IT, internet, and financial advisory and other activities; management, and other real estate activities; and purchase and sale of vehicles. Further, the company offers mobile and online banking services. Banco Santander, S.A. was formerly known as Banco Santander Central Hispano SA and changed its name to Banco Santander, S.A. in February 2007. The company was incorporated in 1856 and is headquartered in Madrid, Spain.
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JPMorgan and Santander Lead $15 Billion Financing Push for Argentina LNG
JPMorgan and Santander will lead a fundraising operation for Argentina LNG that could reach $15 billion, according to Bloomberg sources. The companies involved in the project aim to make a final investment decision by November. Argentina LNG is a partnership between Italy's Eni, Argentinian state energy major YPF, and Emirati XRG, with a total price tag of $24 billion. The facility on Argentina's Atlantic coast will have an annual production capacity of 12 million tons of liquefied gas, potentially ramping up to 18 million tons, and will include two floating liquefaction trains, two cross-country pipelines, and a natural gas liquids plant. The project will source gas from the Vaca Muerta shale play, which holds the world's second-largest technically recoverable shale gas resources after the U.S. Marcellus.
GM Sets Up $4.5 Billion Parts Facility as Ford Shifts Lincoln Production to US
General Motors disclosed a $4.5 billion purchasing facility with Procura Auto Parts to secure components during supply-chain disruptions, while Ford said it will move production of some Lincoln models from China to the United States starting in 2030. GM's facility, funded by a bank syndicate led by JPMorgan Chase and Santander, prepays suppliers so GM can avoid paying for stored parts until needed, though it pays interest, premiums, and an annual fee on unused amounts. Ford's shift targets the Lincoln Nautilus, which faces a 52.5% US tariff, and builds on existing domestic assembly of the Navigator in Kentucky and the Aviator in Chicago. GM expects gross tariff expenses of $2.5 billion to $3.5 billion this year, while Ford pegs its net tariff hit at about $1 billion. GM was held by 77 hedge funds as of Q1 2026, down from 81, and Ford by 50, down from 52.
Banco Santander has completed its acquisition of Webster Financial, creating a larger and more diversified U.S. banking franchise. The cash-and-stock deal, announced in February 2026, is valued at about $12.3 billion. The combined company now has nearly $327 billion in assets, $185 billion in loans and $172 billion in deposits as of Dec. 31, 2025. Santander expects around $800 million in annual pre-tax cost synergies and earnings per share accretion of around 7-8% by 2028, supporting its goal of achieving approximately 18% return on tangible equity in the United States by 2028.
Sun Communities Inc. will replace Webster Financial Corp. in the S&P MidCap 400 index before the market opens on August 20, 2026, following Banco Santander S.A.'s acquisition of Webster. The inclusion is expected to increase Sun Communities' visibility and index-related ownership among institutional and passive investors. The company also has a new US$1,000 million share repurchase authorization running through May 2027. However, the index change does not alter near-term focus on stabilizing earnings after recent losses, expense inflation, and exposure to specific Sunbelt markets. Simply Wall St projects Sun Communities' revenue to reach $2.5 billion and earnings of $383.9 million by 2029, implying a fair value of $142.00 per share, an 18% upside to its current price.
Reddit shares jump on S&P 500 entry; SUI joins MidCap 400
Reddit will replace AvalonBay Communities in the S&P 500 effective prior to the opening of trading on Tuesday, August 18, sending Reddit shares up about 13% in post-market trading on Wednesday. S&P 500 constituent Equity Residential is acquiring AvalonBay Communities in a deal expected to be completed soon, pending final conditions, and the combined company will be renamed Vivmark Residential and remain in the S&P 500. Additionally, Sun Communities will replace Webster Financial in the S&P MidCap 400 effective prior to the opening of trading on Thursday, August 20, as Banco Santander S.A. acquires Webster Financial in a deal expected to be completed soon pending final conditions.
UK Lawmakers Write to Bank CEOs Over Crypto Account Refusals
The co-chairs of Parliament's Crypto and Digital Assets All-Party Parliamentary Group have written to the chief executives of every major UK bank, asking them to explain how they treat crypto and digital asset firms. The letter, sent Tuesday by Labour MP Gurinder Singh Josan and Lord Vaizey of Didcot, says the group has heard repeated instances where crypto and digital asset firms have struggled to open accounts with UK banks, alongside reports that several banks have restricted crypto-related payments. The co-chairs put six questions to each bank, covering policy, current service to crypto firms, transaction limits, driving factors, the impact of the incoming regime, and what the Government or regulators could do to help. UK banks including HSBC, Nationwide, NatWest, Santander and Starling have curbed crypto-related payments in recent years, with research from the UK Cryptoasset Business Council in January finding that banks were blocking or delaying an estimated 40% of attempted transfers to crypto exchanges. HM Treasury has already conceded the problem, with Economic Secretary Lucy Rigby telling Parliament in March that under the new regime the Government would not expect FCA-licensed firms to face restrictions from banks simply because of the sector they belong to.
Santander, Berkshire Hathaway lead financials higher as S&P 500 hits record
Wall Street finished the week higher, with the benchmark S&P 500 hitting fresh all-time highs, and the State Street Financial Select Sector SPDR ETF (XLF) added 1.16% from the previous week to close at $57.60. Among megacap stocks, Banco Santander led the winners, adding 4.26% to $14.70 after receiving Federal Reserve approval for its acquisition of Webster Financial. Berkshire Hathaway gained ahead of its second-quarter earnings release, while HSBC Holdings led the decliners, pulling back 2.53% to $103.73 despite reporting strong first-half results and updating its full-year guidance to include a roughly $2 billion savings target from reorganization. In the large-cap gainers, Blue Owl Capital advanced 15.24% after closing its European net lease fund with €1.6 billion in capital commitments, exceeding its original target, and Pershing Square added 13.82% ahead of its quarterly earnings. On the losing side, Hut 8 retreated 17.69% after missing revenue estimates, while mid-cap UWM Holdings dropped 29.67% and Sezzle fell 23.74% even after boosting its full-year guidance.
Banco Santander Stock May Be 31% Undervalued on Fed Deal Approval
Banco Santander stock may be undervalued by about 31% according to an Excess Returns model, following Federal Reserve approval for its planned $12.2 billion acquisition of Webster Financial. The model estimates an intrinsic value of €18.74 per share, implying a 31.4% discount to the current price, supported by a book value of €7.64 per share, stable earnings of €1.27 per share, and a cost of equity of €0.69 per share. A separate P/E analysis shows the stock trades at 14.2 times earnings, below a fair multiple of 16.6 times, while the stock has returned about 356% over five years and 64.9% over the past year. The valuation checks are mixed, with execution risk around the large U.S. integration remaining a key factor, and the community is split between a bull case seeing roughly fair value and a bear case suggesting 32% overvaluation.
US Fed clears Santander's $12.2bn purchase of Webster
The US Federal Reserve has approved Banco Santander's $12.2 billion acquisition of Webster, parent company of Webster Bank. The combined entity is expected to hold roughly $327 billion in assets, with loans of $185 billion and deposits of $172 billion, based on end-2025 figures. The deal, first announced in February, has already received consent from the Office of the Comptroller of the Currency in June 2026 and the European Central Bank in July 2026. Completion is scheduled for 20 August 2026, after which most Webster operations will be absorbed into Santander Bank, N.A. Santander expects the acquisition to strengthen its US operations, targeting a return on tangible equity of about 18% by 2028, an earnings per share boost of 7–8%, and a 15% return on invested capital by 2028.
Catalyst Acquisition Corp. prices $200 million IPO on Nasdaq
Catalyst Acquisition Corp. priced its initial public offering of 20 million units at $10.00 per unit, raising $200 million. The units will begin trading on Nasdaq under the ticker CATLU on July 28, 2026, with each unit consisting of one Class A ordinary share and one right to receive one-seventh of a Class A ordinary share upon a business combination. Santander is the sole book-running manager and has a 45-day option to purchase up to 3 million additional units to cover over-allotments. The offering is expected to close on July 29, 2026, subject to customary conditions. Catalyst is a blank check company focused on traditional and digital media sectors, led by co-CEOs Steven P. Beeks and Nicolas A. van Dyk.
Santander UK will not close any additional branches in its own network or in that of recently acquired TSB before 2028. Chief executive Mahesh Aditya said branches remain an important part of the group's strategy, committing to keep 305 Santander sites and 175 TSB sites open across the UK for at least nearly another 18 months. The move follows an earlier round of closures this year that marked 44 locations for closure and placed 291 roles at risk. Aditya, who succeeded former chief executive Mike Regnier on 1 March, said the group aims to combine leading digital services with personal support and does not intend to close any additional Santander or TSB branches before 2028 at the earliest. Santander UK completed its purchase of TSB from Sabadell in May, a cash deal valued at £2.65 billion, as it targets a return on tangible equity of 16% by 2028.
Santander reports record quarterly profit of EUR 3.8 billion in first half of 2026
Banco Santander posted a record quarterly profit of EUR 3.8 billion, contributing to the best first half in the bank's history. Total customers reached 182 million, up 12 million over the past year including 4 million from the TSB acquisition. The efficiency ratio improved 3 percentage points to 42.8%, while underlying return on tangible equity rose to 15.6%. Revenue grew 6% in constant euros, supported by a 7% increase in fee income, and underlying earnings per share jumped 20% year over year. The bank's CET1 ratio stood at 14% after absorbing a 55-basis-point impact from the TSB deal, and management reaffirmed 2026 profit guidance of more than EUR 14.1 billion, excluding M&A. A new EUR 1.8 billion share buyback was approved, bringing total committed distributions to approximately EUR 9 billion.
Santander contacts almost 150,000 customers under strain from energy bills
Santander UK has reached out to nearly 150,000 customers it expects to be most severely affected by soaring energy costs. The bank identified 146,000 vulnerable customers likely spending more than 10% of their monthly income on energy payments after the July price cap increase, contacting them via email and its mobile app to offer support. A team of around 400 financial and customer care specialists is providing tailored budgeting advice and help for those in serious arrears. The move comes as the Iran war drives up energy prices, with the price cap forecast to rise by 2% in October from £1,862 to £1,906 a year, adding further pressure on households.
Banco Santander posts record quarterly profit of $3.8 billion
Banco Santander reported a record quarterly profit of $3.8 billion, marking its best half-year performance ever. The bank grew its customer base by more than 12 million year-on-year to 182 million, while efficiency improved by 3 percentage points and underlying return on tangible equity rose to 15.6%. Revenue increased 6% in constant euros, with net interest income up 6% and record fees rising 7% across all businesses and countries. The CET1 ratio stood at 14%, including the impact of TSB, and the board approved a share buyback program of up to EUR1.8 billion against 2026 results.
European markets edge higher as investors await tech earnings and monitor oil
European markets edged higher on Wednesday as investors awaited key results from Alphabet's Google and Tesla later in the day, while also keeping a close eye on geopolitical developments in the Middle East and rising crude prices. The pan-European Stoxx 600 ticked 0.12% higher, with London's UKX up 0.51%, Germany's DAX up 0.54%, and France's CAC up 0.68%. Among major laggards, ASML Holding dropped 2%, SAP declined 1%, and STMicroelectronics eased 0.8%, while Santander slipped 0.5% after investors reacted cautiously to its quarterly earnings. In the bond market, the yield on the US 10-year Treasury was down less than 1 basis point to 4.63%, the UK's 10-year yield was down 1 basis point to 5.02%, and Germany's 10-year yield was unchanged at 3.17%.
Webster Reports Second Quarter 2026 Adjusted EPS of $1.60
Webster Financial Corporation reported net income applicable to common stockholders of $249.4 million, or $1.56 per diluted share, for the second quarter of 2026, compared to $251.7 million, or $1.52 per diluted share, a year earlier. Excluding transaction expenses, adjusted earnings per diluted share would have been $1.60. The company also announced that its pending acquisition by Banco Santander has received approvals from Webster's stockholders, the Office of the Comptroller of the Currency, and the European Central Bank, with the deal still subject to Federal Reserve approval and expected to close in the second half of 2026. Revenue totaled $740.0 million, loans and leases reached $57.9 billion, and deposits grew to $70.3 billion. The provision for credit losses was $31.5 million, down from $46.5 million in the prior-year quarter.
UK Lawmakers Launch Inquiry Into Crypto Banking Access
A cross-party group of UK lawmakers has launched a parliamentary inquiry into the banking problems dogging the country's crypto industry. The Crypto and Digital Assets All-Party Parliamentary Group, co-chaired by Lord Vaizey of Didcot and Labour MP Gurinder Singh Josan, will probe why firms struggle to open accounts and why banks curb crypto-related payments. The inquiry comes weeks after the UK finalized its new crypto regulatory framework and will test whether banking barriers could undermine the Government's goal of making the country a global leader in digital assets. It will examine access to accounts and services, including insurance, along with transfer limits and payment blocks imposed by banks such as HSBC, Nationwide, NatWest, Santander and Starling Bank. The APPG is taking written evidence until August 31 before publishing a report with recommendations ahead of October 2027, when the new crypto regime becomes mandatory.
Banco Santander buybacks put valuation back in focus
Banco Santander has stepped up its ongoing share buyback programme, recently acquiring about 10.2 million shares between 2 and 8 July 2026 as part of a multi-year capital return effort. The buybacks come as the stock has delivered a one-month share price return of 16.22%, a year-to-date return of 18.40%, and a one-year total shareholder return of 71.73%. A widely followed narrative suggests the bank is undervalued, with a fair value estimate of €12.21 compared to a recent close of €12.14, supported by structural cost improvements from its ONE Transformation programme and strategic focus on high-growth markets such as Brazil, Mexico, and the US. However, on a simple price-to-earnings basis, the stock trades at 13.9 times earnings versus 13.5 times for peers and 12 times for the wider European banks, while the fair ratio is 15.7 times, leaving questions about valuation compression risk.
Webster Financial sets July 21 for Q2 2026 earnings release, no call due to Santander merger
Webster Financial Corporation will release its second quarter 2026 earnings after U.S. markets close on July 21, 2026. The company will not host an earnings call or provide an accompanying presentation because of its pending merger with Banco Santander, S.A.
Zacks Highlights Aegon and Banco Santander as Top Income Stocks for July 9
Zacks Investment Research named Aegon and Banco Santander as stocks with buy rank and strong income characteristics for July 9. Aegon, a financial services provider, saw its current-year earnings consensus estimate rise 4.6% over the last 60 days and carries a Zacks Rank #1 with a dividend yield of 4.7%, more than double the industry average of 2.1%. Banco Santander, also a financial service provider, had its current-year earnings estimate increase 2.5% over the same period and holds a Zacks Rank #1 with a dividend yield of 15%, compared with the industry average of 10.5%.
Eurozone Dividend Safety Faces Geopolitical and Currency Risks for U.S. Investors
The SPDR EURO STOXX 50 ETF, which tracks 50 Eurozone blue chips, faces potential distribution volatility for U.S. holders due to geopolitical pressures and euro-dollar exchange rate swings. ASML, the fund's largest holding at 11%, raised its 2025 dividend by 17% to €7.50 per share, backed by a record €45 billion order backlog, though export controls on China remain a risk. TotalEnergies, at 3.77%, raised its ordinary dividend 5.6% to €3.40 but carries genuine cyclical risk, with coverage tightening if oil prices fall back to $55 a barrel. Other top holdings like SAP, Banco Santander, and Deutsche Telekom have all increased payouts, with SAP guiding free cash flow to roughly €10 billion and Deutsche Telekom lifting its annual payment from $0.81 to $1.16. A 10% move in the euro can shift the dollar distribution by roughly the same amount, making currency the key wildcard for U.S. investors.
Santander Consumer Bank Partners with Taiga to Provide Retail Financing Options in Canada
Santander Consumer Bank announced a new partnership with Taiga Motors to provide promotional retail financing solutions across Taiga's electric snowmobile and personal watercraft lineup through its Canadian dealer network. Effective July 1, 2026, the program will offer secured installment loans with subvention and deferral products and flexible terms via the DealerTrack portal, featuring full spectrum credit approvals for a one-click dealer and consumer solution. Financed products include the Taiga Nomad Electric Snowmobile, Taiga Orca Electric Watercraft, and vehicle and charging accessories. Taiga's Canadian dealers will gain access to fast credit decisioning, digital contracting, and dedicated support teams.
Visa launches travel platform and expands cross-border partnerships
Visa has launched "Visa Destinations", a travel platform offering curated experiences and exclusive benefits to cardholders in key global locations. The company also announced new and expanded partnerships with Santander, Global Blue, Star Alliance, and Trip.com Group to support travel-focused services. In high-growth regions, Visa is increasing its presence through a direct partnership with 9Pay in Vietnam and by deploying Visa Cloud Connect with Thredd in Asia Pacific to support cross-border and digital commerce. These moves aim to deepen cardholder engagement and capture more value from the experience-driven travel economy and emerging market digital commerce.
Banco Santander Faces Near-Term Earnings Pressure From Webster Bank Integration
Banco Santander is experiencing near-term earnings pressure as it integrates its Webster Bank acquisition, temporarily weighing on reported performance and sentiment. The bank's share price was $13.60 as of June 23rd, with trailing and forward P/E ratios of 13.42 and 11.86 respectively. Integration-related costs and operational adjustments are occurring amid heightened macro volatility, including multi-year high inflation and rising Treasury yields. Despite this, Santander's underlying business fundamentals remain intact, with peer-leading profitability and a diversified geographic footprint. As integration synergies materialize and macro conditions stabilize, the bank is positioned for a potential rerating.
Visa Launches New Travel Destination Platform in 10 Global Cities
Visa launched a new travel destination platform called Visa Destinations on June 25. The mobile-first platform is available exclusively to Visa cardholders and is now live in 10 major cities and destinations, including Paris, London, Dubai, Milan, Rome, Mexico City, New York, Miami, San Francisco, and Thailand. Cardholders can access curated city guides, tastemaker recommendations, and exclusive experiences across dining, wellness, shopping, entertainment, and transport, with premium cardholders receiving an enhanced tier of benefits. Partners backing the platform include Santander, Global Blue, Star Alliance, and Trip.com Group. Management noted that global travel is expected to increase 10% annually, and the company aims to build a deeper role in the travel-driven economy beyond payment processing.
European Banks Still Undervalued Despite 2025 Rally, Three Stand Out
European banks remain attractively valued compared with many U.S. peers despite a strong 2025 rally. Banco Bilbao Vizcaya Argentaria reported a return on tangible equity of 21.7% and a Common Equity Tier 1 ratio above 12% in the first quarter of 2026, yet trades at around 10.3 times forward earnings with a 4.63% dividend yield. Banco Santander has surged nearly 65% over the last 12 months, retains a 15% return on tangible equity with a 14% Common Equity Tier 1 ratio, and trades at just 11 times earnings with a 1.57% dividend and an approximately 17% dividend payout ratio. ING Group offers a 4.7% yield and trades at about 11.4 times forward earnings, but its 16% Common Equity Tier 1 ratio and 57% dividend payout ratio present a more mixed risk-reward setup.
UK Finance and major banks develop digital verification service
UK Finance is supporting several major banks to develop a financial services-led digital verification service. Barclays, HSBC, Lloyds Banking Group, Nationwide Building Society, NatWest Group and Santander are taking part. The service aims to let customers verify personal details like name, age or address through their banking app, with verified information shared securely with third parties only with explicit consent. It could be used for online purchases, age verification, property transactions or account opening without sharing physical documents. A live pilot in a controlled real-world environment is planned in the coming months.
Banco Santander's Getnet Launches AI Agent Payment Infrastructure
Banco Santander's global merchant payments platform Getnet launched a secure infrastructure enabling businesses to automate acceptance and processing of payments initiated by AI agents. The solution, built on open and interoperable standards, features identification and authentication mechanisms to remove complex integrations. In Mexico and Latin America, Getnet partnered with Mastercard and Mexican fintech Neivor to successfully process a real-world transaction via Mastercard Agent Pay, with plans to expand compatibility to Visa Intelligent Commerce. Separately, on June 3, 2026, Banco Santander and Abu Dhabi-based tech group G42 signed a Memorandum of Understanding to co-develop artificial intelligence initiatives, leveraging G42's AI infrastructure and Santander's regulatory expertise to build banking intelligence layers and AI-enabled customer advisory solutions.
Santander UK launches regular saver account paying 8% interest
Santander UK has launched a new regular saver account paying 8.00% AER, which includes a 5.00% variable bonus for the first 12 months. The account is available to all Santander current account customers, including fee-free Everyday current account holders, and allows deposits of up to £200 per month with a minimum balance of £1. After 12 months, the interest rate reduces to a variable 3.00%, and customers can make withdrawals at any time without penalties. The account is limited to one per customer, and new customers may also benefit from a £180 current account switching offer, subject to terms and conditions.
Santander targets over £430 million in cost cuts through AI strategy
Banco Santander, the Spanish owner of Santander UK, has announced plans to cut costs by more than 500 million euros as part of a broader AI strategy expected to generate over one billion euros in extra revenues and cost savings between 2026 and 2028. The group said more than half of that total will come from cost cutting through automation, productivity gains, and process simplification, though it did not disclose how many jobs will be affected. By the end of 2026 alone, Banco Santander expects to deliver more than 200 million euros in business value from AI across its global operations, including Santander UK, having already recorded 35 million euros of benefit in the first quarter of this year. The bank is rolling out AI access to all 185,000 staff worldwide, with nearly 40,000 currently using the technology, and plans to deploy AI in UK voice channels to resolve around 240,000 customer calls per year through self-service.
Jim Cramer calls for US bank mergers and praises Banco Santander’s Webster Financial deal
Jim Cramer urged US bank mergers on Mad Money, singling out Banco Santander’s planned acquisition of Webster Financial as a model. He argued that banks with strong AI technology should be consolidating smaller rivals now, and said Santander, led by Ana Botín, is the only one taking advantage of loosened regulatory constraints. Cramer called the Webster deal a brilliant acquisition and advised investors not to sell Santander stock, adding he would recommend buying if it pulled back to $10.
Origis Energy closes $900 million corporate credit facility
Origis Energy has closed a $900 million corporate credit facility to accelerate its near-term project pipeline amid surging demand for reliable and cost-effective energy. The facility comprises $650 million of funded credit facilities and a $250 million letter of credit facility. Proceeds will be deployed to progress the development of more than 5 gigawatts of highly advanced projects, which is part of the company's total pipeline exceeding 20 gigawatts. First Citizens Bank, ING Capital LLC, Natixis, and Santander served as joint bookrunners and coordinating lead arrangers, while EIG structured and acted as sole purchaser of notes issued as part of the transaction.
OCC approves Santander's acquisition of Webster Bank
The Office of the Comptroller of the Currency has approved Santander's application to acquire Webster Bank, according to a Tuesday SEC filing by the Connecticut lender. The approval, dated June 12, came 74 days after the Spanish bank submitted its application to the OCC. The $12.3 billion transaction still requires approval from the Federal Reserve and the European Central Bank. Santander expects the deal, which would create a $327 billion-asset U.S. lender, to close in the second half of this year.
Santander warns of ‘Hi Dad’ scams after £160,000 stolen this year
Santander UK has warned parents about ‘Hi Dad’ impersonation scams ahead of Father’s Day, revealing that £160,000 has been reported stolen so far this year. Fraudsters target victims through messages or AI-generated phone calls pretending to be their child requesting money. The bank’s quarterly scamtracker also found that men handed over the equivalent of £100,000 to scammers every day during the first six months of the year, with investment and purchase scams being the largest by value. Chris Ainsley, head of fraud risk management at Santander UK, urged people to stay alert and consider requests carefully, especially when they might be distracted.
Spain opens antitrust proceedings against six banks over mortgages
Spain's competition authority has started disciplinary action involving the country's six listed banks, including Santander and BBVA, over suspected anti-competitive conduct in the mortgage sector. The CNMC is looking into whether some executives publicly outlined their banks' future commercial policies, especially on fixed-rate mortgage pricing, which the regulator said would have allowed entities to anticipate competitors' future behaviour. The case also covers Caixabank, Unicaja, Bankinter and Sabadell, none of which commented. The CNMC noted that opening the proceedings does not imply any conclusion, and it has up to 24 months to issue a final ruling.