Banco Santander, S.A. (ADR)(NYSE:SAN) Releases Update On Hurricane Harvey Relief Initiatives

Banco Santander, S.A.

Banco Santander, S.A. (ADR)(NYSE:SAN) reported that the firm and its businesses have implemented proactive measures to help clients impacted by Hurricane Harvey. Santander US has promised a total of $100,000 to local charitable entities helping with disaster relief, including the Greater Houston Community Foundation and the American Red Cross. The firm has even increased its level of staff matching contributions to non-profit firms helping in the relief initiatives and activated assistance plans to help affected consumers living in disaster zip codes listed by FEMA.

The details

Scott Powell, the CEO and President of Santander US, reported that their hearts go out to all people impacted by Hurricane Harvey. The well-being and safety of their customers, staff and their families is their main concern. Santander US’s auto finance unit, Santander Consumer USA Holdings Inc (NYSE:SC) has suspended automotive repossession and loan collection activities, and is providing temporary loan help to customers in the form of suspended late fees and loan modifications.

The affected areas constitute for around 3.5% of Santander Consumer’s active retail and lease loan balance as of September 4, 2017. Its portfolio of repossessed automobiles in the hurricane-affected area has not recorded material damage. The company requires broad insurance coverage for the majority of its clients, however, doesn’t force place insurance.

Santander Bank is also providing immediate assistance to its small business, retail and commercial clients to comprise temporarily-suspended late fees, temporarily-reduced interest rates, the suspension of collection calls, auto repossessions and loan modifications.

Powell added that as the recovery process starts, they will work with clients whose lives have been disturbed, as well as those who require alternate payment arrangements. They understand that natural disasters of this scale interrupt every aspect of people’s businesses and lives, and they are taking measures to help.

In the last trading session, the stock price of Banco Santander declined 0.84% to close the day at $14.20.

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