Siena, the medieval city renowned for its Palio horse races, is home to the world’s oldest bank. Within its aging walls lies a distinctly 21st-century tale of devastation wrought by local politicians and global financiers.
Spain’s markets regulator fined Banco Santander SA, the country’s largest bank, 16.9 million euros ($23 million) over “serious” failings in the way it sold convertible bonds to customers before the financial crisis.
Bankia SA, the nationalized lender whose record losses helped push Spain into a European bailout, is being prepared for privatization, its chairman said today, after the bank returned to profit in 2013.
Banco Santander SA Chairman Emilio Botin told shareholders he expects 2010 profit to be “similar” to last year in a rejoinder to investors that ditched Spanish bank stocks on concern the country may fail to fix its finances .