Spain’s Santander confirms plans to absorb Banesto

Spain’s Santander is ready to absorb its subsidiary Banesto, in which it owns a 90% stake, to consolidate its governance structure.

In a statement, Santander said its board would consider the deal and Banesto recently said it was studying the possibility to sell its branches to Santander.

The absorption would cost the parent around €218m, and Santander said it would close 700 of Banesto’s 1,698 branches in Spain to save €520m by the third year of the merger.

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