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Santander says plans to invest in Spain's bad bank
November 17, 2012 / 11:11 AM / in 5 years

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.

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