On Wednesday, the
announcement was made. The Banco Popular
had been sold to the Banco Santander for
one euro. El País in English says – ‘Spain’s Banco Santander has bought the struggling Banco
Popular for one euro in order to prevent its collapse, according to a statement
released on Wednesday morning by the EU’s Single Resolution Board (SRB). The
decision was adopted after a week in which Popular shares had plummeted.
According to the European Central Bank, Popular was “failing or likely to
fail.” The takeover has been endorsed by the European Commission. Shareholders in
the stricken bank have lost everything, says Intereconomía here. Around 5,000 jobs are expected to be lost according to El Independiente here. The Banco Pastor, part of the Banco Popular
group, has now disappeared says La Voz
de Galicia here.
Minority shareholders consider the takeover as an ‘expropriation’ and have joined together to consider legal action , says Bolsamanía here. A rather larger shareholder, Antonio del Valle, says he has lost 550 million euros through the fall of the Popular. The story at La Voz de Asturias here.
Minority shareholders consider the takeover as an ‘expropriation’ and have joined together to consider legal action , says Bolsamanía here. A rather larger shareholder, Antonio del Valle, says he has lost 550 million euros through the fall of the Popular. The story at La Voz de Asturias here.
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