Banco Santander SA said it won't reach its profit target for this year after it took a hit from stricter provisioning rules in Spain, and also sent a clear signal that its recent purchase of a Polish bank is going to be the last for a long time.
Reporting a 26% drop in third-quarter net profit, the Spanish banking company said the focus going forward will be on integrating the latest acquisitions in the U.K., Germany and Poland, and to preserve its capital strength against the backdrop of a sluggish Spanish economy and an uncertain regulatory environment for banks.
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