By Ed Frankl

Santander SA said late Tuesday that it plans to launch a share-buyback program valued at $940 million, and it declared an interim dividend.

The Spanish bank said it would launch a program valued at around 20% of the company's underlying profit of the first half, or approximately 979 million euros ($939.4 million), that is expected to start after it gets regulatory approval.

Santander said it would set out additional information on the terms of the program before it begins.

The lender said it approved an interim cash dividend of 5.83 European cents.

The bank said it will pay the dividend starting Nov. 2, with the last day to trade shares with a right to receive the dividend on Oct. 28.

The shareholder returns are part of Santander's remuneration policy target of returning 40% of the company's underlying profit, it said.


Write to Ed Frankl at edward.frankl@dowjones.com


Corrections & Amplifications

This item was corrected at 0749 GMT to reflect Santander approved an interim dividend of 5.83 European cents. The original version incorrectly said the amount of the dividend in the fourth paragraph.

(END) Dow Jones Newswires

09-28-22 0208ET