Santander provides detail on €7bn capital raise plan for Popular takeover

Page created: Tuesday, 4 July 2017 10:26 GMT

banco popular   EU  Portugal  Santander

Spain’s Banco Santander has announced the details of a €7.1bn capital raise it will use to aid its acquisition of Banco Popular.

Santander announced that it would buy the troubled Popular in early June for the symbolic price of €1 after EU authorities declared the Madrid-based lender “failing or likely to fail”. At the time, it said it would raise approximately €7bn in capital to rebuild Popular’s balance sheet, which at the time was saddled with €37bn in toxic real estate and loans.