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Santander raises 15 billion euros

Posted by Sara | Opinion | Thursday 19 January 2012 12:23 am
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Santander raises 15 billion eurosThe largest bank of the eurozone, Spanish lender Santander, reached a requirement for 9 percent core capital by raising 15.3 billion euros ($19.5 billion), six months ahead of a deadline set by the European Banking Authority (EBA).

On Monday, Santander also reiterated its goal of increasing its core capital ratio to 10 percent in June, which is one point above the level required by the EBA that set new capital rules to make sure banks can weather financial crises.

Santander shares rose more than 2 percent before closing almost flat at 5.45 euros.

“The market is taking the news very positively because this will give the bank more margin to increase provisions that the new government could demand to offset depreciation in its real estate assets,” said Nuria Alvarez, banking sector analyst at Renta 4 brokerage in Madrid.

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