Banco Santander SA said retail investors who incurred losses following its takeover of Banco Popular Español SA in June accepted 77.88% of so-called fidelity bonds that will allow them to recoup their losses.
Santander said in July that it would issue €980 million in fidelity bonds to compensate those retail investors who bought into Banco Popular's €2.51 billion capital increase in 2016 and a subordinated debt issue in 2011. Investors who signed up for the offer, which lapsed Dec. 7, must waive the right to pursue legal action against Santander for its takeover of Banco Popular.
As a result, Santander issued just over €764.0 million in fidelity bonds to the retail clients.
