Banco Popular has hugely damaged the reputation of the Spanish banking sector and its European counterpart after reformulating its 2016 accounts just two months after making them public. Investors are penalising the listed banks as the sector’s credibility is once again being questioned.
Fernando Rodríguez | Spain’s big banks BBVA, Santander and Banco Popular have recently announced they will gradually reduce their branch network. What is the significance of this move? Norbolsa analyst Nagore Diez Cerceda offers us some opinions.
Spain’s top five banks posted a combined net profit of 7.989 billion euros in the first half of 2015, up 48 percent from a year earlier, thanks to the improving economic situation and a decline in bad loans provisions.
MADRID | By Ana Fuentes | After months of conversations and rumours, Citi is closing a deal with Spanish Banco Popular to sell its retail banking business in Spain, including 45 branches and 300 employees, sources close to the operation confirmed to The Corner’s Spanish stock markets site Consenso del Mercado on Thursday.
MADRID| By Francisco López| Spain’s banking sector wholesale maturities will reach € 88,000 million in 2014 and € 72,000 million in 2015. Experts forecast that more than half will be financed via foreign markets.Only BBVA estimates to sell around € 7,000 million in bonds and covered bonds.
MADRID | By The Corner Team | Mexican investors, such as Grupo Financiero Ve Por Mas among others, will invest 450 million euros ($621 million) in Banco Popular Español SA (POP), thus acquiring a 6 percent stake in Spanish bank.
*PHOTO by Bloomberg.
By Revista Consejeros | Roberto Higuera, deputy president of Banco Popular: “When they had trouble with Hypo Ryal more than €100 billion were needed, whereas in Spain it turned out that we could do with less than €40 billion. What marked the difference is that Spain had to ask for help, while Germany put the money from its own pocket.”