Recently saw some European financial news, such as
Cyprus bailout episode.
Spanish's government's plan to restructure financial banking system.
Don't see any reason why SAN's share holder needs to panic and sell the stock.
Weed out the lousy banks may be good for strong bank like SAN, because bank's clients will take their savings from weak banks and deposit into strong banks such as SAN, BBVA.....
Why worry, just sit and relax and prepare to get more script dividend shares if stock value drops more.
San's major income is from South America, especially Brazil. Brazil should be getting bullish as 2016 Summer Olympic date get closer.