Spain to ‘come out on top’ in stress tests
The chairman of Spanish bank Banco Santander, Emilio Botin, has told CNBC he is not concerned about the upcoming round of stress tests, arguing that Spain will "come out on top."
His comments come as the region's lenders wait for the European Central Bank to unveil the criteria for the latest stress tests, designed to analyse banks' capability to withstand adverse economic conditions.
"For Spain, it is fundamental that we have a stress test as soon as possible," Botin told CNBC on Thursday. "We're going to come out on top. We want a rigorous stress test fast, with an international adviser present. Spain's the best."
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Spain in June 2012 accepted a financial assistance package from its fellow euro countries to support its ailing banks, which have been saddled with a massive amount of toxic loans after the country's real estate market collapsed in 2007. In June this year, the European Commission said Spain did not need further aid to recapitalize its state-aided banks, following a review of the country's banking sector.
Botin was speaking in New York, where he was joined by the city's mayor Michael Bloomberg to unveil the first Santander-branded retail bank in the U.S.
Santander has operated local branches in the U.S. since acquiring Sovereign Bank in 2009, and from October 17 more than 700 Sovereign branches will start adopting the Santander brand.
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