12°c Light rain showers
24°c Cloudy with showers
The Canadian Press - ONLINE EDITION
Spain's Santander covering real estate assets with additional €2.3B to meet new provisions
MADRID - Spain's Banco Santander will set aside an additional €2.3 billion ($3 billion) in provisions to meet a new government demand for all banks to boost their buffers against troubled real estate assets.
Europe's biggest bank by market capitalization says the amount will be partially covered through anticipated capital gains, including €900 million from the sale of Banco Santander Colombia.
Banco Santander SA said in a statement Tuesday that the new amount comes on top of €1.8 billion charged against the bank's 2011 financial results.
Spain last week ordered banks to raise €50 billion to protect themselves against troubled real estate assets accumlated during an extended construction boom that went bust.
More Business
- Back to Top
- Return to Business
You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.
The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010; View the changes. New to commenting? Check out our Frequently Asked Questions.