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Spain: The absorption of one euro



The biggest financial-credit Santander group Spain (“Santander”) acquired the troubled Banco Popular (“Banco popular”) for a symbolic price of one euro. Earlier, the ECB acknowledged Banco Popular — the fourth largest Bank assets in the country — “crashed” and demanded to sell it.



14.Jun.17 1:00 PM
By Christina Orlina
Photo Toinnov.com

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Spain: The absorption of one euro
The ECB came to the conclusion that a significant deterioration in liquidity in Banco Popular would lead to it failing in the near future to service the debt and other obligations.
Company Santander intends to raise seven billion euros by issuing additional shares to strengthen balance Madrid Bank.

Chairman of the Board of Directors of Santander Ana Botin: “This transaction will prove useful both for Spain and for Europe as a whole. For the first time, this operation is carried out in the framework of the European resolution with the application of the new regulation, which should guarantee the system stability in a crisis situation and find a solution without involving public funds”.

The Minister of Economy, Industry, and competitiveness of Spain, Luis de Guindos Jurado expressed the opinion that “this is a good way for the company, taking into account the situation in recent weeks, as it provides for maximum protection of investors.” The Minister also drew attention to the fact that to get out of the situation managed without the use of public funds.



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