July 12, 2018 / 9:26 AM / 4 months ago

Banco Popular had 5.5 bln euro takeover offer months before resolution - former chairman

MADRID, July 12 (Reuters) - Defunct Spanish lender Banco Popular received a takeover offer worth 5.5 billion euros ($6.4 billion) just months before being wound down and sold to Banco Santander for just 1 euro, a former chairman said on Thursday.

The bank was solvent but had liquidity problems, Angel Ron said during a parliamentary hearing in to the bank’s June 2017 demise adding that a resolution process undertaken by the European Union’s Single Resolution Board (SRB) was inadequate.

$1 = 0.8567 euros Reporting by Jesus Aguado; Writing by Paul Day

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