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Banco Santander
20 сентября, 16:43

Petrobras (PBR) to Issue Senior Notes Worth $2 Billion

Petrobras (PBR) intends to use the proceeds from the offering for the repayment of borrowings under its senior credit facility and for general corporate purposes.

14 июня, 15:50

Why Banco Santander (BSBR) Could Be a Top Value Stock Pick

Banco Santander (BSBR) seems to be a good value pick, as it has impressive value metrics, and is seeing solid earnings estimate revisions as well.

Выбор редакции
09 июня, 12:00

This Is How A "Bail-Out" Becomes A "Bail-In"

Authored by Simon Black via SovereignMan.com, Here’s the perfect example of how insane our financial system has become. It was announced yesterday that, after a 24-hour white-knuckled ride, Spanish banking giant Banco Popular had been sold to Banco Santander for the price of just 1 euro. Note- that’s 1 euro in TOTAL. Not 1 euro per share. Banco Popular had once been one of Spain’s largest banks. But just as certain banks tend to do from time to time, Popular sacrificed responsibility and good conduct for quick profits. They spent years gambling their depositors’ savings away on idiotic, dangerous, pitiful loans. And those bad loans eventually came back to bite them. The modern business of banking is all about pooling customer deposits together and making various loans and investments with those funds. Safe, responsible banks make sensible investments. They maintain extremely high loan standards. And they keep a SUBSTANTIAL rainy day fund set aside in case those loans and investments go bad. Banco Popular did none of those things. Back in 2006 during the height of the real estate bubble, for example, Popular maintained a liquidity ratio of less than 2% according to its annual report that year. This means that over 98% of its customers’ savings had been gambled away on bad loans and bad speculations. Eventually those risky loans started failing, and the bank started losing money. Last year alone Popular lost 3.5 billion euros, which is about as much as they earned in all of the bubble years combined. Fearing for the banks ability to continue servicing its customers, European regulators stepped in on Tuesday and forced a fire sale. Banco Santander “won” that auction, again, paying a symbolic price of just 1 euro. This means that Banco Santander will now inherit all the toxic loans (and consequent losses) that Popular had on its books. The insanity here is that Santander had almost no time to conduct its due diligence, i.e. research the business to understand what they were buying. Banco Popular had a balance sheet worth over $150 billion with hundreds of thousands of different loans. It would take months to even begin scratching the surface of such a massive balance sheet. By comparison, the last time I bought a business I paid $6 million and spent more than a year conducting due diligence. Santander bought a $150 billion business and spent less than 24 hours trying to understand what they were buying. This is nuts. And ENORMOUSLY risky for Santander. But perhaps even more insane is that this deal is now being hailed by European governments and financial media as a wonderful solution to the looming problem of bank insolvency. It doesn’t take a rocket scientist to understand that this problem wasn’t really solved. It was just transferred from one bank to another. The assets are still toxic. They just happen to be owned by Santander now. Most importantly, Banco Popular is FAR from alone. Here in Italy, in fact, a number of smaller banks are teetering on insolvency. And regulators have been scrambling trying to find potential suitors to copy this shotgun wedding ‘solution’. But so far, no success. Not a single bank in Italy has sufficient capital to absorb the toxic debts of another. Plus the government itself is totally bankrupt. So basically an insolvent government and insolvent large banks are trying to figure out how to bail out insolvent smaller banks. It’s total madness. And this is the important lesson: eventually they run out of options. There’s no one left to bail out a bad bank… no taxpayers, no white knight, no bondholders, no shareholders. Nobody. Except for depositors. This is when a “bail out” becomes a “bail in”, and the depositors get stuck with the bill. Bottom line: This matters. It’s your money at stake. Don’t simply assume that your bank is in good condition. Examine their financial statements and find out for sure. Don’t keep 100% of your life’s savings at a single institution. Make sure you diversify. If a bail-in ever occurs, it will be the largest depositors who get hit first. And definitely consider diversifying geographically. Avoid keeping everything in the same country, especially if that country is bankrupt– the bail-in risk is much higher. The world is a big place and there’s a ton of opportunity out there, including plenty of responsible, conservative places to bank. And it’s hard to imagine you’ll be worse off because a portion of your savings is in a safe, well-capitalized bank.

08 июня, 14:57

Frontrunning: June 8

U.K. Election Remains Tight as Voters Head to the Polls (WSJ) Trump Will Be Watching Comey Just Like the Rest of Us (BBG) What we know about U.S. probes of Russian meddling in 2016 election (Reuters) ECB Drops Reference to Future Interest-Rate Cut (WSJ) Euro zone growth revised up to highest rate in two years (Reuters) Italy ruling party says deal on new electoral law 'dead', markets rally (Reuters) U.K. Housing Weakens Further as Market Emits 'Ominous' Signals (BBG) UK arrests three as footage of London Bridge attack appears online (Reuters) China's Top Property-Bubble Prophet Says Prices Set to Soar (BBG) BOJ Is Said to Mull How to Communicate Eventual Stimulus Exit (BBG) Iran minister calls Trump's condolences for attacks 'repugnant' (Reuters) The U.A.E. Needs Qatar’s Gas to Keep Dubai’s Lights On (BBG) Gulf states squeeze Qatar as U.S., Kuwait probe for solution to row (Reuters) House Set to Pass Bill Rolling Back Wall Street Rules (WSJ) Elliott's Singer Warns System May Be More Leveraged Than 2008 (BBG) Hedge Fund Looks to Shake Up BHP Billiton’s Board (WSJ) Athens to seek growth package at Eurogroup (Kath) Brazil’s JBS Says It Won’t Sell Core Assets (WSJ) Greece says Colombian gangs plundering hospitals Europe-wide (Kath) Bodies, debris found in search for missing Myanmar aircraft (Reuters) Boeing’s Rookie Plane Boss Plots Assault on Airbus With New Jets (BBG)   Overnight Media Digest WSJ - Brazilian meatpacker JBS SA said it won't sell core assets in the U.S. or elsewhere, including its majority stake in U.S. chicken processor Pilgrim's Pride. on.wsj.com/2r82GNq - Google is coming across some unusual challenges as it seeks to capture eye-level imagery of the most remote parts of the globe. on.wsj.com/2r862QC - Penguin Random House, majority owned by Bertelsmann SE, said that it has acquired the literary merchandise company Out of Print for an undisclosed sum. on.wsj.com/2r7ZuBD - More than 70 countries and jurisdictions signed an agreement limiting the ability of multinationals to exploit divergences between tax treaties, a practice known as "treaty shopping" that enables companies to pay lower taxes. The agreement is part of an attempt by the Organization for Economic Cooperation and Development to limit companies' ability to shift profits to low-tax locations. on.wsj.com/2r8rTHO - Uber Technologies Inc has fired a top executive who obtained medical records of a woman raped by her Uber driver in India, and then shared the documents with Chief Executive Travis Kalanick, according to a person briefed on the matter. on.wsj.com/2r8rVPW - Samsung Electronics Co said that it will invest about $760 million to double its production capacity for mobile phones and refrigerators in India, a critical market for the world's largest smartphone maker. on.wsj.com/2r8cIyb   FT - French laundry services group Elis SA reached a preliminary agreement to take over its UK rival Berendsen Plc in a deal that values it at 2.2 billion pounds ($2.85 billion). - About 13 percent of Royal Bank of Scotland Group Plc shareholders still have not accepted an offer from the bank to settle a high-profile legal case. The undecided investors have until June 20 to accept the offer. - Former UBS compliance officer Fabiana Abdel-Malek is facing insider-trading charges after being accused by the financial watchdog of passing on information between 2013 and 2014. She will be appearing in court next week along with Walid Choucair, who is accused of trading on the information received from Abdel-Malek. - Banco Santander SA has agreed to buy domestic rival Banco Popular Espanol SA for 1 euro after EU authorities declared the Madrid-based lender “failing or likely to fail.” Santander said that it planned to raise 7 billion euros in fresh capital to rebuild the balance sheet of Banco Popular.   NYT - Uber Technologies Inc has fired a senior executive who obtained the medical records of a woman who was raped by an Uber driver in India, the latest example of misconduct unearthed at the ride-hailing giant. nyti.ms/2rDD0fv - Authorities in Frankfurt and Brussels declared that Banco Popular was essentially a lost cause and sold it to Banco Santander SA, Spain's largest bank. The swift action by European Central Bank and European Union officials defied critics who said a system for winding down sick banks, put into place at the end of 2014, was too unwieldy to deal with a fast-moving crisis. nyti.ms/2rDxmJW - The New York Times Co said on Wednesday that it had promoted Meredith Kopit Levien, who had been its chief revenue officer since 2015, to executive vice president and chief operating officer, as part of a restructuring of The Times's digital departments. nyti.ms/2rDMqaJ   Canada THE GLOBE AND MAIL ** Quebec's subsidy for consumer purchases of electric vehicles is an extremely expensive way of reducing greenhouse gas emissions, with the cost calculated at C$395 per tonne of carbon dioxide eliminated, Ecofiscal Commission says in a report to be released on Thursday. (tgam.ca/2sivKXh) ** Ottawa has unveiled a plan to boost military spending by more than C$30 billion over the next decade – much of it to pay for the ballooning cost of new warships and fighter jets – while leaving the bulk of the new expenditures until after the next election. (tgam.ca/2sErVcw) ** A female executive will be taking the helm for the first time as chair at the Investment Industry Association of Canada. Charyl Galpin, executive vice-president, managing director and head of private client division at BMO Nesbitt Burns, has been appointed chair of IIAC's board of directors for the 2017-18 term. (tgam.ca/2rPb1YB) NATIONAL POST ** The Organization for Economic Co-operation and Development projects Canada's gross domestic product will grow by 2.8 percent during 2017, double last year's pace, fuelled by gains in household wealth, a pick-up in oil and gas industry investment, low interest rates and government spending. (bit.ly/2s7lr8X) ** There were more than two million electric vehicles on roads around the world in 2016, according to a new report released by the International Energy Agency, but Canada still lags among global leaders when it comes to electric car stock and infrastructure. In 2016, 11,580 electric vehicles were sold in Canada, or just 0.59 per cent of the total car market. (bit.ly/2rYXOOM) ** Flair Airlines Ltd has purchased the assets of airline seat reseller NewLeaf, a move the British Columbia charter airline hopes will attract new investors as it aims to expand its commercial operations. NewLeaf, which is not an airline but a reseller of seats, had partnered with Flair to provide its aircraft and crews when it launched last summer. (bit.ly/2rPbbzh)   Britain The Times Top shareholders in WPP Plc have attacked the company's failure to put in place a proper succession plan for the chief executive, mounting a fresh rebellion over pay and governance at the FTSE 100 advertising group. bit.ly/2sF8XSX British shareholders in Banco Santander SA will be asked to dig deep into their pockets to fund the multibillion-euro rescue of a failing Spanish lender that the European Central Bank has warned will collapse without support. bit.ly/2sF1Gmb The Guardian Oil industry company Halliburton Co has been branded "obscene" for advertising unpaid UK internships, which critics say give an unfair advantage to people from privileged backgrounds. bit.ly/2sFlk1x The Telegraph Berendsen Plc has succumbed to a takeover proposal from French rival Elis SA, after the offer was raised for a second time to 2.2 billion pounds ($2.85 billion). bit.ly/2sEXx1D The plot to attack the London Bridge could have been hatched at a KFC restaurant in east London, it has emerged, following claims that two of the suspects worked there at the same time. bit.ly/2sEXGSJ Sky News BT Group Plc has picked a new auditor to replace PricewaterhouseCoopers LLP(PwC), months after the emergence of a 530 million pounds accounting crisis in its Global Services division. bit.ly/2sF8Wyc L'Oreal SA's hopes of obtaining a bumper price for The Body Shop, the British-based ethical cosmetics retailer, have been dented by projections for a slump in profits this year. bit.ly/2sFqQ40 The Independent Theresa May will fail to secure a comprehensive free trade agreement with the rest of the EU by 2019 in a development that would mean a destructive "cliff-edge" Brexit for the United Kingdom, the Organisation for Economic Co-operation and Development (OECD) has predicted. ind.pn/2sF4xv8

07 июня, 19:01

Santander buys Banco Popular in face-saving deal

EUROPEAN authorities yesterday announced the immediate sale of Spain’s Banco Popular to compatriot Banco Santander to avert a looming failure of the troubled bank. The European Central Bank, in its capacity

07 июня, 17:27

Relieved RBS bosses should spare a thought for the claimaints

Royal Bank of Scotland’s abrasive tone, and its seemingly freewheeling approach to racking up legal fees, have felt wrongNow we know: Royal Bank of Scotland’s rights issue in 2008 wasn’t a £12bn cash call, it was a £13bn affair. The extra £1bn is how much Fred Goodwin’s successors have spent settling and fighting claims from irate retail investors who thought the rights issue document was misleading.The latest settlement with RBS Action Group, worth about £200m, will probably bring an end to the process. One can’t yet say so definitively, because some claimants outside the group haven’t formally accepted, so the judge left the door ajar for a trial. But the diehards have only limited time in which to demonstrate they have the funds to continue, so a revival of proceedings is a long shot. Goodwin and three other former RBS directors can breathe more easily. They probably aren’t going to be called as witnesses. Continue reading...

Выбор редакции
07 июня, 15:41

Banco Santander приобретет Banco Popular за 1 евро

Испанский банк Banco Santander заявил, что приобретет проблемного представителя отрасли Banco Popular Espanol и заплатит за него символическую сумму в 1 евро. Стоит отметить, что в результате сделки будет образован крупнейший в стране банк по объему депозитного и кредитного портфелей. Banco Santander также объявил о выпуске бумаг на сумму 7 млрд евро ($7,88 млрд) в рамках сделки, которые будут использованы для расширения капитала и обеспечения резервов Popular с целью улучшения состояния его баланса.

Выбор редакции
07 июня, 14:44

Santander приобретает `терпящий крах' испанский банк Popular

(Bloomberg) -- Banco Santander SA согласился приобрести Banco Popular Espanol SA после того, как европейские регуляторы установили, что проблемный банк может рухнуть и потребовали его продажи.Santander привлечет около 7 миллиардов евро путем допэмиссии акций, чтобы укрепить баланс Popular, приобретаемого за 1 евро, говорится в сообщении банка...

07 июня, 14:15

Spain's Banco Popular Bailed In, Acquired By Santander For €1.00

Just four days after Banco UnPopular chairman Emilio Saracho told his employees "don't panic" as a result of the company's crashing stock price, on Wednesday morning the ECB confirmed that the sixth largest Spanish bank was indeed on the verge of collapse and ordered it to be sold, which is what happened when Santander acquired the bank for €1.00 after Santander's equity and riskiest debt instruments were bailed-in, i.e. wiped out, imposing losses of about €3.3 billion on the bank’s securities holders. This transaction was bad news for the company's equity and holders of contingent convertible AT1 and AT2 holders, who have the distinction of holding the first major bank capital bonds to be bailed-in/wiped out under new EU regulations. While Banco Popular senior debt is 12 points higher this morning, the AT1 perps are trading at 5%, down 50 points. As Mint's Bill Blain notes, "we’ve not seen crashes like that since 2008." The ECB forced the transaction, blaming what it called a "significant deterioration of the liquidity situation of the bank in recent days" in concluding that it "would have, in the near future, been unable to pay its debts or other liabilities." Elke König, Chair of the Single Resolution Board, an EU agency that winds down stricken banks, said that intervention had been needed overnight. The mechanics: in the first use of Europe's newsly adopted bail-in mechanism, Popular would see shares resulting from the conversion of its riskiest debt and Tier 2 instruments wiped out, imposing losses of about 3.3 billion euros on the bank’s securities holders. Concurrently, Popular would be acquired by Spain's biggest bank, Santander for a nominal €1.00. To fund the deal, Santander will raise €7 billion through a rights offer to bolster Popular’s balance sheet, it said in a filing. The lender will acquire Popular for 1 euro after its stock and shares resulting from the conversion of its riskiest debt and Tier 2 instruments were wiped out, imposing losses of about 3.3 billion euros on the bank’s securities holders. The rescue, which followed a declaration by the ECB that Banco Popular was set to be wound down, marks the first use of an EU regime to deal with failing banks adopted after the financial crisis. It breaks the mould of using taxpayers' money, instead imposing steep losses on shareholders and some creditors of the bank, a step two debt investors described as unexpected. As we had reported over the past month, Popular, Spain's sixth biggest bank, has long struggled and repeatedly asked shareholders for fresh money. Popular’s 37 billion euros of non-performing assets, the legacy of real estate-linked lending before Spain’s property crash, drained profit and capital, forcing new Chairman Emilio Saracho to say in April that the bank would need to sell new shares or find a buyer. The situation had deteriorated in recent days, with its market value falling by about half in a week to 1.3 billion euros. The most recent acceleration in the company's bank run compounded its funding problems, triggering its sale. It is unclear if today's "rescue" will stem the deposit withdrawal. ???? Here's some background to explain why Santander has bought Banco Popular for €1 https://t.co/JoyGmiGTBC pic.twitter.com/jMZcofglp2 — Bloomberg (@business) June 7, 2017 As Reuters notes, unlike Italy, which has been grappling for years with the problems of its lenders, the Spanish reaction to the problem lender was prompt. Furthermore, and in contrast to the banking crisis that unfolded in 2008, the move in Spain was also accepted with calm on stock markets and European bank shares moved upwards. "This shouldn't pose any real problems for other banks," said Aberdeen Asset Management Head of Credit Research Laurent Frings. "But it does show that there is real risk in investing in these second-tier names." In an attempt to ease concerns, Spanish Economy Minister Luis de Guindos said that Santander's takeover was a good outcome for Popular given its situation in recent weeks and it would have no impact on public resources or on other banks. “It’s a unique opportunity at a very good time in the cycle," Santander Chairman Ana Botin said in a presentation to analysts. Annual cost synergies of almost 500 million euros per year from 2020 will give Santander some of the best efficiency ratios in Spain and Portugal, the bank said. In a separate television interview, Botin said that the bank was notified at 6. a.m. today that it had won the bid for Popular. Santander won an auction carried out by the SRB and Spain’s bank rescue fund FROB to buy Popular without taxpayer support, the bank said. Adding Popular’s business will create the biggest banking business in Spain with 17 million customers. Santander fell as much as 3.4 percent to 5.6 euros, before paring declines to 5.77 euros as of 10:42.a.m. in Madrid.  Botin presented the business case for the hastily-organized deal, arguing that the combination of the two would strengthen the group's geographic reach as the economy in Spain and Portugal improved. "We welcome Banco Popular customers," she said. However, Banco Popular's customers, having come this close to losing their money, may just decide to keep it in the mattress instead. And while the transaction has yet to be fully digested, here are some initial sellside reactions, courtesy of Bloomberg. BLOOMBERG INTELLIGENCE (Scott Mc Evatt) Santander’s opportunistic acquisition of Popular fits into group’s strategy to boost SME exposure However, doubt over deal is likely to center on Popular’s sizable non-performing assets Santander’s plans to boost coverage on real-estate NPAs should provide some comfort, though target of reducing these assets appears bold MIZUHO (Roger Francis) Deal is probably “excellent” for Santander in medium term, though it may weigh on earnings in the first or second year Takeover adds significant business to Santander in terms of SME-lending and credit-card clients albeit with considerable real-estate exposure and non-performing loans that are largely behind Popular’s capital writedowns Sees little impact on wider European banking sector as investors now recognize the situation poses no new dangers to the financial system KEPLER CHEUVREUX (Carlos Garcia) Santander downgraded to hold vs buy and removed from Spanish top picks on risks from acquisition Limited time for due diligence on Popular’s real-estate exposure and bad loans and other potential risks and costs involved in breaking up the joint ventures raises doubts on whether the measurement of risks has been adequate Combined entity will lose market share; Kepler says doubtful that Popular will be easy to integrate given its “different” risk management Kepler expects litigation for “mis- selling” will require reimbursement of amount invested, given that most of the Tier 2 is held by retail clients; would not rule out litigation from AT1 holders NATIXIS (Robert Sage and Alex Koagne) Santander’s acquisition of Popular in a deal approved by European regulators shows that weaker parts of region’s banking system are being addressed; fall in systemic risk is positive for wider industry Sees Popular as containing attractive retail/SME franchise with higher returns and margins Santander will need to convince investors Popular’s non-performing assets are properly marked after the takeover Rates Santander neutral with PT EU6

07 июня, 13:02

Фондовые индексы Европы изменяются разнонаправленно

Европейские фондовые индексы изменяются разнонаправленно в среду в ожидании ключевых для рынка событий, в том числе заседания Европейского центрального банка (ЕЦБ) и парламентских выборов в Великобритании, пишет MarketWatch.

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07 июня, 12:20

Banco Santander приобретет Banco Popular за 1 евро

Испанский банк Banco Santander заявил, что приобретет проблемного представителя отрасли Banco Popular Espanol и заплатит за него символическую сумму в 1 евро. Стоит отметить, что в результате сделки будет образован крупнейший в стране банк по объему депозитного и кредитного портфелей. Banco Santander также объявил о выпуске бумаг на сумму 7 млрд евро ($7,88 млрд) в рамках сделки, которые будут использованы для расширения капитала и обеспечения резервов Popular с целью улучшения состояния его баланса.

Выбор редакции
07 июня, 12:10

Spanish bank buyout showcases Europe’s new anti-crisis rules

Spain’s Banco Santander is paying 1 euro to take over troubled rival Banco Popular, in a deal that showcases Europe’s new system to rescue failing banks without burdening taxpayers or stressing markets.

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07 июня, 10:05

Banco Santander shares fall 2.4% after deal to buy Banco Popular

This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.

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07 июня, 09:42

Santander rescues Spain's failing Banco Popular, oil prices slide - as it happened

All the day’s economic and financial news, including a bank rescue in Spain and the OECD’s latest global economic outlookOil price slides after surprise rise in US crude stocks OECD says recovery isn’t good enoughBreaking: Failing Banco Popular taken over, for €1Why Banco Popular failedMarkets calm as risky Popular debt is wiped outPound and FTSE steady ahead of general election 5.50pm BST It was a down day for European shares ahead of Thursdays key events, the UK election, the European Central Bank meeting and ex-FBI director James Comey’s testimony. A slide in the euro unnerved European stocks while conversely, a strong pound helped push the FTSE 100 lower. Energy and commodity companies were also under pressure after a slide in the oil price following a surprise jump in US crude stocks. The final scores showed: 5.38pm BST Back with the oil price reaction to the surprise rise in US crude stocks:Whopping 20K lots changed hands in #Brent 1min after @EIAgov. To give you an idea of how huge this is look at this. + volume than #OPEC day pic.twitter.com/b9InVyf9Cq Continue reading...

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07 июня, 09:26

Banco Santander buys struggling Banco Popular for 1 euro

This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.

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07 июня, 09:26

Banco Santander buys struggling Banco Popular for 1 euro

This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.

02 июня, 18:44

Spain's Sixth Largest Bank Crashes Most In 28 Years On Liquidation Fears

Even as attention has turned once again to Italy as the next possible source of European financial contagion, Spain's sixth largest bank has found itself in freefall over the past few days as concerns grow that the bank may be liquidated unless a last-minute buyer, or source of capital, emerges. In addition to the shares of Banco Popular crashing as much as 27%, the biggest intraday drop since 1989, its perpetual bonds have likewise been in freefall mode as investors liquidate securities which "they do not want to hold going into the weekend", according to Ignacio Cantos, of ATL Capital in Madrid, quoted by Bloomberg. The latest twist in the ongoing saga of the bad debt-saddled Spanish bank was revealed yesterday, when El Confidencial reported that Banco Popular asked Deutsche Bank to come up with a plan for the troubled Spanish lender to raise capital after its previous adviser Morgan Stanley resigned. The paper reported that Popular was testing investor appetite for a capital increase of between €4 billion and €5 billion if its plans to find a merger partner or buyer fail. So far nobody has stepped up to throw more good money after bad.  Earlier in the week, the European banking watchdog, the Single Resolution Board (SRB), warned European Union officials that Popular may need to be liquidated, or bailed-in, if it fails to find a buyer, according to Reuters. The underlying problem with Popular, as with most European banks, is familiar: the bank has been unable to sell €37 billion of soured property loans fast enough, and is racing to find a partner after Spain's Economy Minister Luis de Guindos declined to consider a public bailout, while a capital increase has faced resistance from existing shareholders. The bank has said previously it could extend a June 10 deadline for binding takeover offers. So far none have emerged. Meanwhile, the government urged citizens to keep "complete calm", and not to sell because, get this, the bank "passed its stress tests." Alas, "passing stress tests" did not help either Bankia or Dexia, two other famously insolvent European banks. From Reuters: The solution for troubled Spanish lender Banco Popular is either a capital raise or a sale, a spokesman for Spain's government said on Friday, adding that it was not worried about the situation."   (Popular) passed its stress tests ... it is in the process of a sale or a capital raise, nothing more. Complete calm. We are going to wait for the next steps," Inigo Mendez de Vigo told a news conference. Of course, the alternative to "complete calm" is a bank run, which Spain - and the ECB - would prefer to avoid. For those who are unfamiliar with the developing situation, Bloomberg recently posted a handy Q&A on what may soon be Europe's biggest bank liquidation in years. Banco Popular Espanol SA’s admission that it’s short of capital and may consider a sale caused turmoil in Spain’s banking industry, which wants to think its real-estate problems are in the past. Popular, with a balance sheet still groaning under the weight of toxic property assets, is a throwback to the boom-to-bust cycle that forced Spain to seek a bailout for its banking industry in 2012. A potential sale of Popular would hand its competitors the chance to buy a bank with a strong franchise in lending to small and medium-sized businesses. It also would allow the government to claim that Spain’s banking clean-up is finally complete.   1. Why is Popular so unpopular?   Short answer: real estate. Popular’s woes stem from the loans it made in the years before a housing crash pitched the economy into a five-year slump starting in 2008. Founded in 1926, Popular had prided itself on efficient management that made it one of the world’s most profitable banks. That story started to sour in 2007 as confidence in Spanish real estate ebbed away; Popular’s shares began a long slide from their peak to lose 98 percent of their value. Popular shunned the chance to take state aid in 2012, when a stress test uncovered a capital shortfall. Instead, it embarked on a series of share sales that so far have raised 5.5 billion euros. Angel Ron, who had run Popular as chairman since 2004, left the bank earlier this year to make way for Emilio Saracho, a former JPMorgan Chase & Co. vice-chairman charged with stemming losses and fixing its balance sheet.   2. Is a sale the likely next step?   Nobody knows for sure. Saracho told shareholders in April that the bank would need to raise more capital, with another option being a corporate transaction. Popular said earlier this month that some banks had expressed interest in combining businesses and that it had asked competitors to say whether they’d be interested in buying it. The bank says no final decision has been made about a sale versus other ways to raise money.   3. Who could buy Popular?   Banco Santander SA has hired Citigroup Inc. to analyse a purchase, people familiar with the plans said this month, while Banco Bilbao Vizcaya Argentaria SA is working with Rothschild to analyze the deal, according to newspaper Expansion. Economy Minister Luis de Guindos has said that Bankia SA, which is state-owned after being bailed out in 2012, is also looking.   4. What obstacles are there to a sale?   Despite years of taking charges to cover real-estate losses, the lender’s attempts to mop up all the soured assets are far from complete. It still has 37 billion euros of non-performing assets, booked a 3.6 billion-euro loss in 2016 and a further 137 million euros loss in the first quarter. Any bank that buys Popular would itself have to raise a lot of capital to absorb it. Societe Generale SA said in a report that Santander would need 12.5 billion euros, BBVA 9.3 billion euros and CaixaBank SA 7.5 billion euros. At 7.33 percent, Popular’s fully-loaded CET1 ratio, a measure of solvency, is one of the weakest in Western Europe.   5. Is there any urgency?   There could be. The bank said its first-quarter results, published May 5, showed only a modest 1 percent drop in customer deposits. Even so, Popular’s plight has generated plenty of headlines in the Spanish press since then, perhaps unnerving customers. The bank and its advisers may want to try to resolve its future before Spain’s long August break. A coupon payment on Popular’s riskiest bonds due in July is another focus of attention for investors. The bank has said it will make the payment as scheduled. It will cost about 30 million euros, based on Bloomberg data.   6. What’s attractive about Popular?   It has about 34 billion euros of performing loans to small and medium-sized enterprises, a high-margin business based on carefully crafted personal relationships. And who doesn’t like a bank with a bit of mystery to it? Popular is well-known in Spain for having close links to the Roman Catholic organization Opus Dei. The bank itself doesn’t say much on the subject. However, when Luis Valls, a former co-chairman Popular died in 2006, the lender said he had been a member.

01 июня, 15:57

Moody's Downgrades Brazil Banks on Nation's Negative Stance

Moody's Investors Service, the rating services arm of Moody's Corporation (MCO), downgraded outlooks assigned to 19 Brazilian banks, and the Brazilian stock and futures exchange ??? BM&FBovespa S.A ??? to negative from stable.

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17 мая, 10:37

Ряд испанских банков заинтересован в слиянии с Banco Popular

Как стало известно, ряд испанских банков, в том числе кредитор Bankia, заинтересован в слиянии с Banco Popular, руководство которого рассматривает различные варианты избавления от значительной суммы "токсичных" активов. Заметим, что на сегодняшний день объем "токсичных" активов Banco Popular составляет порядка 37 млрд евро ($41 млрд), что является максимальной суммой среди других банков Испании. Примечательно, что с начала финансового кризиса в 2008 году в Испании было заключено множество сделок по слиянию, и из 55 банков на сегодняшний день в стране осталось лишь 17. По заявлениям Banco Popular заявки от кредиторов страны поступят уже в ближайшее время. При этом осведомленные источники заявляют, что помимо Bankia свой интерес выразили Banco Santander и BBVA.

Выбор редакции
17 мая, 00:09

Ряд испанских банков заинтересован в слиянии с Banco Popular

Как стало известно, ряд испанских банков, в том числе кредитор Bankia, заинтересован в слиянии с Banco Popular, руководство которого рассматривает различные варианты избавления от значительной суммы "токсичных" активов. Заметим, что на сегодняшний день объем "токсичных" активов Banco Popular составляет порядка 37 млрд евро ($41 млрд), что является максимальной суммой среди других банков Испании. Примечательно, что с начала финансового кризиса в 2008 году в Испании было заключено множество сделок по слиянию, и из 55 банков на сегодняшний день в стране осталось лишь 17. По заявлениям Banco Popular заявки от кредиторов страны поступят уже в ближайшее время. При этом осведомленные источники заявляют, что помимо Bankia свой интерес выразили Banco Santander и BBVA.