Short-seller cuts Banco Popular | FT Alphaville

Short-seller cuts Banco Popular

New York-based hedge fund Tiger Global Management sharply cut its short position in Banco Popular shares four days before Spain’s third-largest listed bank reported better-than-expected 2009 earnings and predicted “a gradual return to normality” this year. Shares in the bank, which announced a 27% yoy fall in net profit for 2009 to €766m, rose more than 6% after the announcement.