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Emilio Botín’s Santander lost one third of its value in three weeks |
News that the Bank of Spain felt compelled to step in at the end of May and take over CajaSur, after the large Spanish savings bank failed to agree a rescue merger with Unicaja, jangled the market’s nerves once more.
The central bank assured creditors and depositors they had no cause for concern: “CajaSur accounts for scarcely 0.6% of the assets of the Spanish banking system, whose soundness will not be in the slightest affected by this situation.
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