News

Santander takes over ‘failing’ rival Banco Popular after EU steps in

Page created: Wednesday, 7 June 2017 8:54 GMT

Thematic
Tags:
banco popular   EU  Portugal  Santander

Santander said in a statement to the Spanish regulator that it was planning to raise €7bn in fresh capital to rebuild the balance sheet of Popular, which is saddled with €37bn in toxic real estate loans.

The deal ends a months-long struggle for survival at the lender and marks the first test case of the eurozone’s post-crisis bank bailout regime.