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Failing Spanish bank sold for €1

June 8th, 2017
Categories: News

Link: https://www.rt.com/business/391241-banco-popular-sale-santander-euro/

Spain's largest bank Santander bought its rival Banco Popular for €1 on Wednesday after the EU warned the lender was on the verge of collapse. Banco Popular accumulated €37 billion in toxic real estate loans. The European Central Bank said there was a "significant deterioration of the liquidity situation of the bank in recent days, declined over the last few days.Trading was suspended on Tuesday. The bank’s shares lost almost 66 percent of their value this year.

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