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Four Banks to Inject 70% of Private Funds in Spain's Bad Bank--Report

Date : 12/06/2012 @ 6:17AM
Source : Dow Jones News
Stock : Deutsche Bank AG NA O.N. (DBK)
Quote : 16.41  0.0 (0.00%) @ 12:59PM
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Four Banks to Inject 70% of Private Funds in Spain's Bad Bank--Report

Banco Santander (NYSE:STD)
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Four Spanish banks--Banco Santander SA (STD), Caixabank SA (CABK.MC), Banco Popular Espanol SA (POP.MC) and Banco Sabadell SA (SAB.MC)--will inject 1.7 billion euros ($2.2 billion), or 70% of the country's bad-bank needs from the private sector, El Pais reports in its Thursday Internet edition.

Citing unidentified market sources, the newspaper added Santander will inject EUR650 million, Caixabank will put in EUR550 million, Popular some EUR290 million and Sabadell around EUR220 million.

Other medium-size banks such as Kutxabank, Unicaja, Ibercaja, Bankinter (BKT.MC), as well as insurers Mapfre SA (MAP.MC), AXA, Catalana Occidente and Seguros Pelayo will also inject funds in the bad bank, known as Sareb.

Deutsche Bank (DB) and Barclays (BCS) are also seen as investors in Sareb, while the government expects that two international property asset management funds, such as KKR, Cerberus and Pimco, may invest in the bad bank, according to El Pais.

Newspaper Website: www.elpais.com

Write to Enza Tedesco at enza.tedesco@dowjones.com

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