MADRID – Banco Santander, parent of Santander Bank, last week acquired the failing Banco Popular in Spain, according to a report by Reuters.
Santander, the country’s largest lender, purchased the failing bank after European authorities intervened to prevent Popular from shuttering.
The report says Santander will ask shareholders for about $7.9 billion to absorb Popular and its assets. Popular bondholders face losses of up to 2 billion euros.
“This deal is good for Spain and it’s good for Europe,” Santander chair Ana Botin said, according to the report.
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