Spain's Santander studying how to absorb Banesto

Associated Press

MADRID (AP) — Share trading in Banco Santander, the biggest bank by market value in the 17-country eurozone, has been suspended after it revealed that it is studying how it can absorb its affiliate Banesto.

Banco Santander S.A. owns some 90 percent of Banesto. It acquired the entity, once one of Spain's top banks, in 1994, a year after it was taken over by the central bank after an audit revealed a massive shortfall of capital.

Trading in Banesto was also suspended Monday.

Santander's share price closed Friday at €5.90 while Banesto's stood at €2.99.

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