Santander Snatches Up Banco Popular in Sound Acquisition; EUR 7 billion Capital Raise Announced
Narrow-moat Santander announced the acquisition of the struggling Banco Popular for the notional amount of EUR 1 after the ECB deemed Popular to be “failing or likely to fail†and regulators put the bank up for auction. As part of the transaction, Santander intends to complete a rights issue in the amount of EUR 7 billion to fund provisions for the large pool of toxic real estate assets (EUR 37 billion) that led to Popular’s downfall. We believe this deal will create shareholder value in the lon...Banco Santander is a holding company, providing a range of financial products. Co.'s products and services include: retail banking business that covers all customer banking businesses; wholesale banking business; as well as asset management and insurance business. Co.'s principal operations are in Spain, the U.K., Portugal, Germany, Italy and Latin America. As of Dec 31 2014, Co.'s total assets amounted to Euro1,266,296,000,000 and total customer deposits amounted to Euro647,627,000,000.
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