Spain's NCG Banco faces 1 bln eur of uncovered losses -source
MADRID Dec 19 (Reuters) - Spain's nationalised NCG Banco, set to be taken over by Venezuela's Banesco, faces potential losses of 1 billion euros ($1.38 billion) that are not covered by provisions, a source at bank restructuring fund FROB said on Thursday.
Bidders for NCG had analysed the amount of loans and other assets at the bank that could go sour and not be repaid, or lose their value.
Banesco, which won the bid for NCG on Wednesday, was one of the only suitors that did not ask the government for extra state aid to cover potential losses.
- Deadly gun attack in eastern Ukraine shakes fragile Geneva accord |
- Japan expands army footprint for first time in 40 years, risks angering China
- Pfizer considers $100 billion bid for AstraZeneca: report
- Prosecutors extend Korea ferry captain's detention as death toll mounts |
- Rubin 'Hurricane' Carter, U.S. boxer famous in folk song, dies at 76