0900 GMT - Santander's return on tangible equity could reach 20%, Morgan Stanley says in a research note. The Spanish bank could unveil a more than 18% ROTE target at its February investor day, analyst Alvaro Serrano writes. Thanks to the integration of TSB in the U.K., the deployment of its Gravity digital banking platform, and the normalization of its Brazil earnings as the U.S. Federal Reserve has opened the door to lower interest rates, the analyst sees a path to a ROTE of 18% to 19%. This could increase by a further percentage point if the profitability of the bank's U.S. retail operations is addressed, he adds. Shares have risen 84% since the start of the year. (elena.vardon@wsj.com)

(END) Dow Jones Newswires

August 28, 2025 05:00 ET (09:00 GMT)

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