And… we’re up:
© The Financial Times Ltd 2013 FT and 'Financial Times' are trademarks of The Financial Times Ltd.
Crédit Agricole of France was poised Monday to become the largest shareholder in Bankinter after agreeing to pay €809m ($1.18bn) for a 14.99% cent stake in Spain’s sixth-largest listed bank by assets. If approved, the acquisition will give the French bank a total 19.5% holding. There has been speculation for more than a year about the future of Bankinter, often cited by analysts as the most likely takeover target in Spain’s financial services sector. Bankinter’s conservative use of wholesale funding and well-balanced lending portfolio have made it less sensitive to Spain’s property downturn and the global credit squeeze than most other Spanish banks.