Autocracy?18 Jul 2013 13:05
My personal view, after following Banco Santander for five years, is very different to FenderGibson. One reason I elected to make Banco my banking share of choice was that they seemed to give each of their national banks considerable autonomy. Such a huge bank, largest in Europe, surely could not run so successfully with just a father and daughter in control, though the family is still very involved of course. Nor can I see any obvious nepotism in the appontments in UK, South America, etc. In fact the company seems very well run. I do worry about what might happen if the spanish government do step in to limit the dividend, but I do not think they will as Banco seem able to maintain sensible lending and borrowing ratios.
I continue to invest what I can while the price is low and dividend rate high.