These are interesting times for Europe’s biggest bank and one of the most widely held shares in the UK. Santander has weathered many storms that have left rivals beached: the financial crash, the eurozone crisis, a Spanish non-performing loan epidemic.
During the financial crisis, it was the only winner of the ABN Amro takeover debacle that dealt killer blows to its consortium partners Royal Bank of Scotland and Fortis. Three years later Europe’s sovereign debt crisis came and went, and though the bank’s gunnels were stuffed full with Spanish government bonds, Santander sailed on.
This year, the failure of Banco Popular allowed Santander to play the white knight, taking over its smaller rival much to the relief of the authorities in Madrid.
If ever there