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Santander to close 700 Banesto branches

Source: Reuters - Mon 17th Dec 2012
Santander to close 700 Banesto branches

Spain's largest bank Santander said on Monday it would close 700 bank branches once it has absorbed its smaller bank Banesto.

In a statement, the bank said it valued Banesto shares at 3.73, 24.9% more than the closing price on Friday.

The decision to absorb the bank, in which it controls about 90%, would generate savings of 520 million by the 3rd year of the merger.

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