0912 GMT - Santander trades cheaply as the market seems to have doubts about its transformation, which is set to take another 18 to 24 months, Keefe, Bruyette & Woods say in a research note. The Spanish bank is carrying out a plan to shift the focus on countries to a global platform, for which it is building an integrated IT system and migrating core operations to a cloud-based platform called Gravity. Santander is likely to host an investor day early next year to provide more clarity on its progress, analysts Hugo Cruz and Ben Maher write. It is reassuring that cost savings are still being delivered amid this transformation, they note. "Cheap and with catalysts ahead, what's not to like?" they say. Shares up 0.25% at 6.9 euros. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
June 27, 2025 05:13 ET (09:13 GMT)
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