07.06.2017

Santander to takeover Banco Popular for €1

400Spain's Banco Santander said Wednesday it will take over struggling Banco Popular Espanol for the symbolic price of 1 euro, creating the country's largest bank by lending and deposits, according to a press statement. 
"This means that Banco Popular will operate under normal business conditions as a solvent and liquid member of the Santander Group with immediate effect," the board said.

"The significant deterioration of the liquidity situation of the bank in recent days led to a determination that the entity would have, in the near future, been unable to pay its debts or other liabilities as they fell due," the ECB said in a statement, according to Reuters.

Shares of Banco Popular have more than halved year-to-date as the bank has struggled under the weight of bad loans leftover from the 2008 crisis. On Tuesday, the European Central Bank said Popular was failing or likely to fail, owing to a significant deterioration in its liquidity situation. Banco Santander also announced a €7 billion ($7.88 billion) rights issue, which it said would be used to "cover the capital and provisions required to strengthen Popular's balance sheet."


Events


Semptember 2015
  • 24
    Oct

    Two years after two historic global agreements were established, leaders and other change agents in

  • 25
    Oct

    Im September haben die Schweizer Stimmbürger die „Altersreform 2020“ des Bundesrates abgelehnt.

  • 30
    Oct

    The 2017 symposium, with the theme "Successfully crossing borders", will have a strong focus on the

  • 31
    Oct

    Dieser Event ist ausschliesslich für Pensionskassenvertreter (Stiftungsräte, CEOs, Anlageverantwor

  • 01
    Nov

    Nach Jahren des geldpolitischen Experimentierens sind die Finanzmärkte so verzerrt wie selten zuvor

See All

newsletter

Updates and news from MarketPlus

Market Overview
SMI® PR9248.490,12 %
LYXOR DAX INAV124.0870,09 %
FTSE MIB Index22379.160,14 %
FTSE 1007524.450,02 %
CAC 405386.810,27 %
S&P 5002564.98-0,40 %
NASDAQ Composite6586.8262-0,64 %
HANG SENG INDEX28305.88-0,64 %
Powered by Yahoo Finance