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Banco Santander (STD): The Ottotrans™ reaches out

We normally confine the Ottotrans™ to Mining company news releases, but today we reach a little further and check out this story on Spain’s Banco Santander (STD), as reported by Reuters:

Nov 22 (Reuters) – Spanish bank Santander (SAN.MC) will sell a 7.8 percent stake in Santander Chile STG.SN (SAN.N) to help meet regulations on capital requirements, the Chilean subsidiary said in a statement.
Spain’s Santander aims to boost its core capital to 10 percent by June 30, Santander Chile said in a statement issued in New York overnight. Chilean media estimated the stake sale could raise just over $1 billion.

And applying the good ol’ Ottotrans™:

“We’re so fucked that these days we have to sell off the bits that actually make a profit.”

And by the way, in my day STD stood for sexually transmitted disease. Sheer coincidence of course.

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