Banco Santander, S.A. announced a tender offer on May 7, 2024, inviting holders to sell up to €1.5 billion of its 4.75% Non-Cumulative Contingent Convertible Perpetual Preferred Tier 1 Securities by May 15, 2024, to optimize its capital structure. The offer aims to manage the bank's Tier 1 capital position, subject to certain conditions including a new financing condition.