Share sale will fund its clean-up of Banco Popular Español, which it bought for a nominal €1 last month

Banco Santander launched a €7.1bn stock sale to finance its clean-up of troubled lender Banco Popular Español, 

 during a central bank-orchestrated rescue, 

Santander executives had said they would issue roughly that amount when the bank bought Banco Popular for a nominal €1 on June 7. The capital increase, in what is known as a rights issue, involves an offering of shares to existing shareholders at a discount, a common practice in Europe.

Jeanette Neumann

Banco Santander

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Santander launches €7.1bn rights issue

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