Spain’s Banco Popular Bailed In, Acquired By Santander For €1.00

Spain’s Banco Popular Bailed In, Acquired By Santander For €1.00:

Just four days after Banco Popular chairman Emilio Saracho told his employees “don’t panic” as a result of the company’s crashing stock price, on Wednesday morning the ECB confirmed that the sixth largest Spanish bank was indeed on the verge of collapse and ordered it to be sold, which is what happened when Santander acquired the bank for €1.00 after Santander’s equity and riskiest debt instruments were wiped out.

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