Santander: EU Aid to Foster Completion of Bank-Sector Reforms

Date : 06/09/2012 @ 4:55PM
Source : Dow Jones News
Stock : Banco Santander, S.A. Sponsored Adr (Spain) (STD)
Quote : 6.1  0.0 (0.00%) @ 2:05AM

Santander: EU Aid to Foster Completion of Bank-Sector Reforms

Banco Santander (NYSE:STD)
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MADRID--Spain's Banco Santander SA (STD, SAN.MC), the country's largest lender by market value, said Saturday that Spain's plans to request up to EUR100 billion in aid from the European Union for its ailing banks should help complete the restructuring of the country's financial sector.

Santander said in a statement that the agreement by the Eurogroup enables Spain's state-backed Fund for Orderly Bank Restructuring to "obtain funds in very favorable conditions.

"These funds will go toward recapitalizing those institutions that cannot meet their capital needs with their own resources," the bank added.

The capital injections will eliminate uncertainty and contribute to the country's economic recovery, it said.

Santander and chief local rival Banco Bilbao Vizcaya Argentaria SA (BBVA, BBVA.MC) are among the local banks that won't require external financial assistance to meet required capital needs, according to International Monetary Fund assessments.

Write to Santiago Perez at santiago.perez@dowjones.com

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