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Santander plans to create fund to invest in bad debt

Banco Santander SA is planning to create its own fund to invest in bad debt to compete against funds that specialize in that type of investment, financial daily Expansión reported Oct. 22.

The bank plans to start its own fund with its own capital that would invest in nonperforming loans from financial institutions, the paper said. The lender wants to make the move after hiring World Bank expert Josep Julià as a senior adviser, the report added.