IBEX

A transition from Banco Popular to Santander

A transition, from Popular to Santander, with a bit of a respite in between

For a few hours on June 7, Banco Popular had three owners: the previous shareholders, the FROB and Banco Santander; a quick trip, with a stop in between for a bit of a respite, before changing its skin. The Single Resolution Mechanism (SRM), in other words the ECB, decided on Tuesday that Popular was inviable and immediately started the liquidation process which begins with a bail-in.


Banco Santander 2016 results

Santander Acquires Banco Popular Paying A Notional Consideration Of €1

Banco Santander today announces that it has acquired Banco Popular. The acquisition takes place following an auction conducted by the Single Resolution Board and FROB in which Santander was elected as the successful bidder, paying a notional consideration of €1. As part of the transaction Santander will complete a rights issue for a total amount of € 7 billion . This will cover the capital and provisions required to strengthen Popular’s balance sheet.


Banco Popular will meet ECB

Banco Popular’s Very Delicate Meeting With European Regulator

Banco Popular’s management team, chairman Saracho and his CEO, Sanchez Asiain, will meet with the ECB tomorrow, according the economic press. It doesn’t seem as if there is any urgency behind the meeting, but rather that it is part of a routine monitoring process, aimed at analysing the bank’s current situation and options.


Acerinox calls for European protectionism

Acerinox Calls For More Protectionist Measures Against Asian Overcapacity

The CEO of Acerinox reiterated current week the risks which the European steel sector has been highlighting for years, given that the arrival of steel from China is detrimental to their interests. He said he expects the company’s 2017 results to be significantly higher than those of 2016, driven by the recovery in prices and in demand.




telefonica-chuli

Telefonica Movistar announces end to roaming charges in Europe

Telefonica’s Movistar has informed its clients that from June 15 it will put an end to the roaming surcharges for all its tariffs across Europe. This means that all clients with a contract, or prepaid or Fusion will have the same tariffs as they do in Spain when they travel to the EU, Iceland, Norway or Liechtenstein.


Overseas business for Spain's listed compnies

Record Levels Of Overseas Business For Spain’s Listed Companies

In the last twenty years, the contribution from listed Spanish companies’ overseas business has not stopped growing. In line with the 2016 figures, this has reached 65.5% of the total, a record level which is almost 20 percentage points higher than 10 years ago.


Monte Dei Paschi workforce cut

Monte Dei Paschi Cost Cutting Could Include 50% Of The Current Workforce

At the end of 2016, the Italian government approved the setting up of an up to 20 billion euros fund to provide financing for banks with problems of solvency and/or liquidity like (MPS). It’s good news for Italy’s financial system and for the country’s risk premium that international funds are showing interest in buying MPS’ unproductive assets.


Ryanair to partner with Air Europa

IAG could lose market share due to Air Europa-Ryanair agreement

Air Europa and Ryanair have formed an alliance under the terms of which the former will supply the latter’s long haul flights. Following the agreement, Ryanair’s website will sell the flights the Spanish airline offers from Madrid to 20 destinations in 16 countries in America. This is a market where Iberia is the traditional leader.