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Spain's Banco Popular rescued by rival bank Santander

Spanish bank Banco Popular has been rescued from the brink of collapse by larger rival Santander for one euro.
    
Buying Banco Popular will cost £7 billion, around £2 billion more than analysts had expected.
         
Banco Popular was described by the European Central Bank (ECB) as "failing or likely to fail" due to its dwindling cash reserves.
    
The bank has struggled after billions in property investments turned sour.



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