Spain’s Biggest Lender Santander Fined €16.9 Mn For Mis-Selling – 18 February 2014

RT logoSpanish banking has suffered another blow, after its biggest lender Banco Santander was fined €16.9 million for not revealing to some bond buyers “necessary information” ahead of the financial crisis.

The bank, also the Euro zone’s biggest by market value, had committed a “very grave infraction” while selling its so-called Valores bonds, said the Comisión Nacional del Mercado de Valores (CNMV), the country’s stock market regulator.

In 2007 Santander sold €7 billion of its convertible bonds as it needed money to acquire the Dutch financial group ABN Amro, the Financial Times (FT) reports. But the financial crisis sent Santander’s shares plummeting, which translated into huge losses for investors.

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