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Article: Spanish Bank Selling Stake in First Union.(Banco Santander S.A.)(Brief Article)
- Article from:
- American Banker
- Article date:
- September 12, 1997
- Author:
CopyrightCOPYRIGHT 1997 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Banco Santander, Spain's biggest bank and the largest shareholder in First Union Corp., revealed Thursday it is selling its entire stake.
In a filing with the Securities and Exchange Commission, Banco Santander disclosed it was selling 44.7 million First Union shares.
On Aug. 5 Banco Santander reduced its holding in First Union to 7.12% from 7.96% and said it did not intend to sell any more shares. The bank said in a statement at the time: "We remain a satisfied, long-term investor in the company."