Santander has decreased the value of its stake in Quasar, the company it constituted together with Blackstone in 2018 and which groups together Popular’s former portfolio of impaired assets, by 40%. The US fund controls 51% of Quasar’s capital and the bank, the remaining 49% stake.
When Quasar was created two years ago, Santander registered its stake on its balance sheet at a price of 1.701 billion euros. Now, the valuation, which first underwent an adjustment six months ago, has fallen again to approximately 1.0 billion euros, according to Expansión.
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