SAN will take over Popular and its strong franchise in SME lending for a symbolic one euro. The group intends to make €7.9bn of provisions to price the real estate exposure at levels enabling a rapid divestment. The effort will be largely covered by the bail-in of equity and sub-debt holders. A restructuring effort will raise Popular’s profitability to the group’s standards while expected revenue synergies are expected to largely offset unavoidable revenue losses. The deal is
07 Jun 2017
Domestic positions strengthening for free
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Domestic positions strengthening for free
Banco Santander, S.A. (BNC:LON) | 388 0 0.0% | Mkt Cap: 61,324m
- Published:
07 Jun 2017 -
Author:
David Grinsztajn -
Pages:
3
SAN will take over Popular and its strong franchise in SME lending for a symbolic one euro. The group intends to make €7.9bn of provisions to price the real estate exposure at levels enabling a rapid divestment. The effort will be largely covered by the bail-in of equity and sub-debt holders. A restructuring effort will raise Popular’s profitability to the group’s standards while expected revenue synergies are expected to largely offset unavoidable revenue losses. The deal is