The long-suffering Banco Popular, has been sold to global giant Banco Santander for the paltry sum of 1 euro, a symbolic amount that implies losses of 100% for the shareholders of the failed bank, while guaranteeing account holders’ deposits.
As a result of the transaction, “all the shareholders of Banco Popular Español S.A., as well as all the holders of convertible contingent bonds and subordinated bonds, have totally lost their investment,” said the supervisory body of the Spanish stock exchange, the CNMV. Among those shareholders are the Chilean family Luksic (3%) and the Mexican company Del Valle, which together with others owned 4.13% of the bank’s capital shares.
Following the merger, “the weakest link” is removed from the Spanish banking system, said Juan José Fernández-Figares, an analyst at Link Securities, who called the initiative “positive” for the Spanish banking sector, where “all listed entities are Now solid. ” For its part, the president of Santander, Ana Patricia Botín, defended the merger affirming that with it, Santander will make a “significant complement in what has always been the great strength of Banco Popular, the small and medium business “Where he leads.
Full Content: Zocalo
Want more news? Subscribe to CPI’s free daily newsletterr for more headlines and updates on antitrust developments around the world.
Featured News
UFC Reaches $375 Million Settlement in Antitrust Case
Feb 6, 2025 by
CPI
Brazilian Architecture Council Convicted of Antitrust Violations
Feb 6, 2025 by
CPI
Bipartisan Bill Seeks to Ban Chinese AI Software from US Government Devices
Feb 6, 2025 by
CPI
Senators Call for Investigation into RealPage Algorithm’s Impact on Military Housing Costs
Feb 6, 2025 by
CPI
ECB Seeks Faster Digital Euro Legislation Amid US Stablecoin Push
Feb 6, 2025 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – International Criminal Enforcement
Jan 23, 2025 by
CPI
The Antitrust Division’s Recent Work to Combat International Cartels
Jan 23, 2025 by
Emma Burnham & Benjamin Christenson
Information Sharing: The New Frontier of U.S. Antitrust Enforcement
Jan 23, 2025 by
Brian P. Quinn, Casey Kovarik & Michael Tubach
The Key Role of Guidelines on Exchanges of Information Among Competitors and the Divergent Transatlantic Paths
Jan 23, 2025 by
Rosa Abrantes-Metz & Albert Metz
Leniency, Whistleblowers, and Compliance
Jan 23, 2025 by
Richard Powers, Tara O’Malley & Cory Gordon