Printer Friendly

BANCO SANTANDER ANNOUNCES SUPPORT FOR KEMPER MANAGEMENT

 MADRID, April 18 /PRNewswire/ -- Banco Santander (NYSE: STD), one of Spain's largest commercial banks, today reported that it supports Kemper Corporation (NYSE: KEM) management and its slate of four directors in its resolve to remain independent. Banco Santander currently holds 824,000 shares, or approximately 2.5 percent, of Kemper Corporation common stock, according to Emilio Botin, chairman of Banco Santander.
 He added, "In their short tenure, David Mathis and his management team have transformed Kemper Corporation into a dynamic financial services company with considerable upside potential. As a long-term investor in Kemper Corporation stock, Banco Santander strongly believes it is in the best interest of shareholders to remain with current management rather than be acquired at a price which does not recognize its true value."
 The consolidated Santander Group is composed of Banco Santander, 16 additional banks and another 126 companies of various national origins in which the Group owns a majority position. In 1993, Banco Santander had net income of $548.4 million, which represents a 15% compound annual growth rate over the past five years. Santander has the largest and most profitable international network among the private Spanish banks, with a network of over 1,750 offices in 27 countries.
 Each Banco Santander ADR is the equivalent of one ordinary Spanish Banco Santander share.
 -0- 4/18/94
 /CONTACT: Jose Maria Carballo of Banco Santander, (Madrid) 341-581-4967 or (London) 4471-606-9924; or Philip L. Thomas of The P.L. Thomas Group, 312-906-8060/
 (STD KEM)


CO: Banco Santander ST: IN: FIN SU:

KT -- DE008 -- 7605 04/18/94 10:01 EDT
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 18, 1994
Words:262
Previous Article:FREDDIE MAC ANNOUNCES RECORD EARNINGS FOR FIRST QUARTER 1994; NET INCOME UP 15 PERCENT OVER 1993 FIRST QUARTER
Next Article:LARGEST ARGENTINE CANDY MANUFACTURER SELECTS MIAMI FOR U.S./CARIBBEAN SALES AND DISTRIBUTION
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters