On February 5, 2024, the Financial Times published an article entitled “Iran used Lloyds and Santander accounts to evade sanctions.” This article stated, in part that “Santander UK provided accounts to British front companies secretly owned by a sanctioned Iranian petrochemicals company based near Buckingham Palace, according to documents seen by the Financial Times.”

On this news, Santander’s American Depositary Shares (“ADSs”) fell $0.24 per ADS, or 5.7%, to close at $3.94 per ADS on February 5, 2024.