ECB approves resolution of Spanish bank
Santander set to raise €7 billion to cover capital shortfall at Banco Popular Español
The European Central Bank and the Single Resolution Board (SRB) approved the sale of a Spanish commercial bank on the grounds that it was “failing or likely to fail”, the institutions announced today (June 7).
The ECB said it had referred Banco Popular Español to the SRB, the eurozone body with responsibility for resolving banks in danger of failure. The SRB had then “adopted a resolution scheme entailing the sale of Banco Popular Español S.A. to Banco Santander S.A.”
Santander said it had
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