The European Central Bank said Wednesday that is had adopted a so-called "resolution decision" on the struggling Spanish lender Banco Popular Espanol SA (BPESY) , and order the transfer of all of its shares and capital to Banco Santander SA (SAN) for the cost of €1.
"Due to its recent stressed liquidity situation, the ECB had decided that Banco Popular was "failing or likely to fail"," the ECB said in a statement, and notified the Single Resolution Board (SRB) Tuesday. The combination will create the biggest bank in Spain and Portugal, with around 21 million combined customers.
Get an email alert each time I write an article for Real Money. Click the "+Follow" next to my byline to this article.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Breaking down an approach to the long side of this biotech stock.
Real Money's message boards are strictly for the open exchange of investment ideas among registered users. Any discussions or subjects off that topic or that do not promote this goal will be removed at the discretion of the site's moderators. Abusive, insensitive or threatening comments will not be tolerated and will be deleted. Thank you for your cooperation.
If you have questions, please contact us here.
Email
Email sent
Thank you, your email to has been sent successfully.
