Santander’s £8.3bn profit despite Madoff investment
11 April 2012
Santander, the Spanish bank that owns Abbey, Alliance & Leicester and the branch network of Bradford & Bingley, was today forced by a Madrid watchdog to rush out its 2008 profit figure.
Stock-market regulator CNMV asked the bank to release a provisional profit figure after it said it would compensate clients of its private wealth arm who lost money through Bernard Madoff's
$50 billion (£35 billion) Ponzi investment fraud.
Santander said profits last year rose 9% to 8.9 billion (£8.3 billion) despite a 500 million provision for its Optimal Strategic fund, which invested with Madoff. The dividend is 65.1 cents, the same as in 2007. Full results will be published next month.
