Banco Santander SA, Spain’s biggest bank, agreed to buy GE Money Bank AB, the consumer finance business of GE Capital in Sweden, Denmark and Norway, for about 700 million euros ($953 million).
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 National Court plans to investigate Banco Santander SA Chairman Emilio Botin and 11 other members of his family for suspected tax-related crimes involving funds in Switzerland.
Portugal’s Espirito Santo family, which has controlled its namesake bank for most of the lender’s 94-year history, is loosening its grip on management after the second rights offering in two years.
Felipe VI, proclaimed King of Spain today, pledged to lead a process of national renewal, saying all Spaniards should be able to live together within the nation.