Tag: Banco Popular

• Thursday, June 8th 2017 - 07:02 UTC

  Santander rescues Banco Popular, which was “failing or likely to fail”

  

  Spanish Banco Popular has been rescued from the brink of collapse by larger rival Santander for one Euro. Buying Banco Popular will cost Santander 7bn euros, around 2bn euros more than analysts had expected. Banco Popular was described by the European Central Bank as “failing or likely to fail” due to its dwindling cash reserves.The bank has struggled after billions in property investments turned sour.