Santander UK looks to retire old capital
Santander UK is looking to optimise its capital base in light of new capital regulations by buying back up to £486m equivalent of tier one and tier two securities, which it will replace with new-style tier one and tier two issuance in due course.
The Spanish group's UK business, which on Tuesday reported ordinary pre-tax profits of €342m for the second quarter of 2013 — up
from €302m last year — is targeting old-style capital instruments across a sterling buyback and a US tender offer.
In the sterling tender offer, Santander UK is targeting
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