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Santander in shock capital move

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Santander in shock capital move

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Spain’s biggest bank, Santander, surprised the markets by saying it is to sell 7.2 billion euros worth of new shares to boost its capital. Santander also said it was postponing a planned sale of assets until market conditions improve.

The bank has made a series of acquisitions this year, including Britain’s Alliance and Leicester and parts of Bradford and Bingley. That worried some investors who thought it might have spent too much and diluted its capital.