July 13, 2017 / 5:15 PM / 8 months ago

Spain's Santander plans to compensate retail clients affected by Popular rescue

MADRID, July 13 (Reuters) - Spain’s Banco Santander said on Thursday it had launched a commercial action to provide a solution to some retail clients who acquired shares and certain subordinated debt of Banco Popular and were affected by the bank’s resolution.

Popular was taken over by Santander in early June for the symbolic price of one euro after European authorities stepped in to prevent its collapse.

As part of the initiative, Santander said it was planning to issue up to 980 million euros ($1.12 billion) nominal value of “loyalty” bonds in order to maintain the bank’s long term relationship with its customers.

Popular’s rescue wiped out shareholders, including retail investors, and junior bond investors.

$1 = 0.8779 euros Reporting By Jesús Aguado; editing by Emma Pinedo

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