Foundations with political governance and no shareholders, lending into a property bubble. What replaced them, and what it cost.
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Foundations with political governance and no shareholders, lending into a property bubble. What replaced them, and what it cost.
41% retail shareholders, 80% of them customers. The most effective takeover defence in European banking required no lawyers at all.
Santander got large by leaving Spain. CaixaBank got large by consolidating what was left of it.
Europe refused to integrate its banking market, so Santander went to Brazil, Mexico, Britain and the United States instead.
Seventeen months, a government veto on integration, a sweetened final offer — and 97% of customer-shareholders still said no.