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Banco Santander SA To Absorb Company's Subsidiaries Banco Espanol de Credito SA And Banif-Reuters


Monday, 17 Dec 2012 04:49am EST 

Reuters reported that Banco Santander SA’s (Santander) Board of Directors approved on December 17, 2012 a proposal to absorb Banif and Banco Espanol de Credito SA (Banesto) by merger, combining its brands in Spain. The transaction is part of the restructuring of the financial system and will strengthen the Santander brand, which will have 4,000 offices under the same corporate identity. The merger will be completed in May 2013. The Company currently holds a 89.74% of Banesto's share capital. The minority shareholders of Banesto, who hold 10.26% of its capital, will receive existing shares in Banco Santander at a rate of exchange that will include a premium of 24.9% over the Banesto closing quote of December 14, 2012. The absorption of Banif, a 100%-owned unit of the Group, will reinforce Santander's specialized private banking network in Spain. 

Company Quote

9.93
-0.02 -0.20%
29 Aug 2014