MADRID--Spain's Banco Santander SA (STD, SAN.MC), the country's
largest lender by market value, said Saturday that Spain's plans to
request up to EUR100 billion in aid from the European Union for its
ailing banks should help complete the restructuring of the
country's financial sector.
Santander said in a statement that the agreement by the
Eurogroup enables Spain's state-backed Fund for Orderly Bank
Restructuring to "obtain funds in very favorable conditions.
"These funds will go toward recapitalizing those institutions
that cannot meet their capital needs with their own resources," the
bank added.
The capital injections will eliminate uncertainty and contribute
to the country's economic recovery, it said.
Santander and chief local rival Banco Bilbao Vizcaya Argentaria
SA (BBVA, BBVA.MC) are among the local banks that won't require
external financial assistance to meet required capital needs,
according to International Monetary Fund assessments.
Write to Santiago Perez at santiago.perez@dowjones.com