Banco Santander has acquired 100% of the share capital of Banco Popular Espanol following a competitive sale process.
Banco Santander said the sale was organised under a framework established for the recovery and resolution of credit institutions and investment firms. As part of the execution of the resolution scheme:
(i) all the shares of Banco Popular outstanding at the closing of market yesterday and all the shares resulting from the conversion of the regulatory capital instruments Additional Tier 1 issued by Banco Popular have been totally cancelled
(ii) all the regulatory capital instruments Tier 2 issued by Banco Popular have been converted into newly issued shares of Banco Popular, all of which have been acquired for a price of one euro (€1).