It’s 2008 all over again. One of the country’s biggest banks is rescuing a stricken rival in a deal that will prevent the government having to bail it out while creating a finance titan with unparalleled domestic market share. Except this isn’t Britain nine years ago and the Lloyds TSB rescue of HBOS, but Spain today and the Banco Santander rescue of Banco Popular.
Santander is one of the most widely held shares in Britain, with 1.4 million private shareholders, the result of the Spanish bank’s purchases of Abbey, then Alliance & Leicester, then some of the carcass of Bradford & Bingley. Most have tiny holdings of 100 to 200 shares worth £500 to £1,000 and barely give them a second thought, happy to bank