Company: BCDRF
Filing Date: 2025-07-31
Form Type: 6-K
Source: 0000891478-25-000113
Chunk: 162

Company: Banco Santander, S.A.
Filing Date: 2025-07-31
Form: 6-K
Chunk 162
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 the European Union (EU) countries to, among other things, increase defense spending, rearm Europe and provide Ukraine with assistance and support to alleviate the consequences of the war, do not succeed, (iii) the reforms aimed at improving the labour market, productivity and competitiveness fail, (iv) the banking union and other measures of European integration do not take hold, or (v) anti-European groups become more widespread.

• Growing protectionism and trade tensions could intensify and negatively impact the economies of the countries where we operate. The US's new presidential administration has increased tariffs, and the possibility for new or increased trade tariffs exists. Certain US trading partners have announced retaliatory actions, including tariffs, in response. The continuation, pause or escalation of tariffs and other trading restrictions, the depreciation of the USD and other non-trade-related measures or policies of the US’s new presidential administration, including immigration reforms, could reshape international trade relations, investment flows and supply chains significantly, resulting in market volatility and lower growth globally, intensifying concerns over the global macroeconomic environment, the impact on inflation and the potential for a recession. Any of the foregoing could have a material adverse effect on our business, results of operations, financial condition and prospects.

• The shift of the global economy’s centre of gravity from the Atlantic to the Pacific and, more particularly, China's increasing relevance as a key trading partner and source of financing for Latin American economies, could negatively impact US and European banks, particularly those like us with limited presence in Asia, reducing our global market share and customer base and affecting our business, operating results, financial condition and prospects.

• Uncertain outlook for China, including weak economic growth and related policy actions, and tensions or conflicts between China and Taiwan or between China and the US, could negatively affect the world economy and impact our operating results, financial condition and prospects.

• The economies of some of the countries where we operate, particularly in Latin America, face long-standing structural problems, including weaknesses in infrastructure, economic competitiveness and education, high levels of social inequality, rising inflation and increasing public debt levels and have experienced significant volatility in recent decades. This volatility resulted in fluctuations in the levels of deposits and in the relative economic strength of various segments of the economies to which we lend. In addition, some of the countries where we operate are particularly affected by commodities price fluctuations, which in turn may affect financial market conditions through exchange rate fluctuations, interest rate volatility and deposits volatility. In addition, we are exposed to variations in our net interest income or in the fair value