Santander says plans to invest in Spain's bad bank
MADRID Nov 17 (Reuters) - The euro zone's biggest bank, Santander, plans to invest in Spain's bad bank, a company spokesman said on Saturday.
"The bank plans on investing in the bad bank," the spokesman said.
Spain has set up the bad bank to siphon off toxic real estate assets dating from a 2008 property crash from bank balance sheets as a condition of receiving up to 100 billion euros ($127 billion) of aid in a European bail-out of the sector.
An Economy Ministry source said on Friday the bad bank could go ahead with just domestic participation but non-resident investors would give the vehicle credibility.
- Housing, jobs data weaken, but overall economic picture still upbeat
- Last-minute Obamacare exemption for those with canceled plans
- UPDATE 6-Target cyber breach hits 40 mln payment cards at holiday peak
- New York Mayor-elect's reputation for lateness parodied on Twitter
- Target cyber breach hits 40 million payment cards at holiday peak |