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.